Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts
Back to General Discussion

TIN Required When Paying By Cash ???

Monday, July 29, 2013 - 3:24 PM
The IRS is making business report anyone paying with cash to have an ID and SSN/ TIN  Not sure what the details are as far as a minimum amount , but you can bet it eventually will be $1. 
2
diamondxdiamondx63 posts since
Jan 19, 2011
Rep Points: 151
1. Monday, July 29, 2013 - 3:54 PM
The amount is $ 10,000.00.

Search for Form 8300 on the IRS web site.
2
CTMCTM41 posts since
May 6, 2010
Rep Points: 138
2. Monday, July 29, 2013 - 10:05 PM
Think the amount is $10,000.01.  Any suspicious transaction with cash this is required. 
2
AllyAlly786 posts since
Jan 16, 2010
Rep Points: 2,283
3. Tuesday, July 30, 2013 - 8:06 AM
Who must file Form 8300?
Any persons who receive more than $10,000 in one transaction or a series of related transactions, while conducting their trade or business, must file a Form 8300.

http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/FAQs-Regarding-Reporting-Cash-Payments-of-Over-$10,000-%28Form-8300%29
8
ShorebreakShorebreak2,381 posts since
Apr 6, 2010
Rep Points: 12,717
4. Tuesday, July 30, 2013 - 2:11 PM
To #3

Correct.

$10,000.01 not $10,000.00 must be reported. But many transactions are reported when it is under $10,000. Even people who ask about the law, many are reported. Most of the time they go to another place to make the transaction that is under the amount thinking they won't be reported. 
3
AllyAlly786 posts since
Jan 16, 2010
Rep Points: 2,283
5. Wednesday, July 31, 2013 - 5:25 AM
This must be changing to a much lower amount.............notice I received stated ANY cash amount.  ??????
1
diamondxdiamondx63 posts since
Jan 19, 2011
Rep Points: 151
6. Tuesday, August 6, 2013 - 6:14 AM
This must be changing to a much lower amount.............notice I received stated ANY cash amount.  ??????

diamonds; was this notice from your bank; the IRS; your state tax agency or some 'other' source?  States CAN adopt stricter reporting requirements than the federal one for cash transactions in excess of $10,000, although I am not aware of any that have yet done so. The link provided above by Shorebreak references; in detail, the most current federal requirements (and was last updated by the IRS on May 30th of 2013).  If it was from your bank or state tax agency; can you provide a link to the notice; or at least to the issueing agency's site; as I am curious to see their reasons for adopting a stricter cash limitation.
1
Dana LovellDana Lovell78 posts since
Oct 1, 2009
Rep Points: 143
7. Tuesday, August 6, 2013 - 9:04 AM
The requirement is $10,000.01 or for ANY SUSPICIIOUS TRANSACTIONS. People may try to make transactions to avoid the report. There are ways to track them and many reports are done internally automatically. There is no reason to be alarmed unless you are doing something illegal. 
2
AllyAlly786 posts since
Jan 16, 2010
Rep Points: 2,283
8. Thursday, August 8, 2013 - 5:16 AM
The notice I received was from a private company. It does not really pertain to me -- I pay by check anyway so I have a record.     The concern I was trying to raise was that at some point we will soon be required to fill out a irs form when we pay cash for a cup of coffee & donut at the local quiki-mart. 
1
diamondxdiamondx63 posts since
Jan 19, 2011
Rep Points: 151
9. Monday, September 2, 2013 - 10:17 AM
This is not an IRS form. It is under the BSA (bank secrecy act). It was made to help prevent money laundering.

We had a automobile dealership in my town try to knowingly launder drug money. We all should remember the Iran Contra drug laundering done in Florida during the 80's. He would come in with bags of cash and the form all filled out and knew the bank employees by name. When they were raided there were people in several bedrooms in a multi-million dollare home counting, strapping and bailing $100 bills before depositing them. 
2
AllyAlly786 posts since
Jan 16, 2010
Rep Points: 2,283
Reply