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Cash reporting requirements likely to change

November 23, 2010

Changes are forthcoming-perhaps by late April-in the Internal Revenue Service's cash-reporting requirements. The changes stem from a new law passed last autumn to combat counterfeiting, smuggling and money-laundering.

Under the new legislation, the USA Patriot Act, the requirements to report certain cash transactions shift from the Internal Revenue Code to the Bank Secrecy Act. The shift thereby removes IRS disclosure protection and allows law enforcement agencies to share the reported information.

Until the U.S. Treasury Department issues further guidance on the new law, dealers should continue to file Form 8300 with the IRS when they receive more than $10,000 in cash.

 

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