Reporting Cash Transactions over $10,000

If your business received payments in cash for a transaction of more than $10,000, you’re required to report it to the IRS on Form 8300. The report is due 15 days after the transaction. The IRS is encouraging businesses to file electronically through the Treasury’s Financial Crimes Enforcement Network (BSA E-Filing System and receive an automatic acknowledgment of the filing. To use this option, you must set up an account with the BSA E-Filing System. #IdeaoftheDay