Businesses must report transactions of $10,000 in cash or cash equivalents to the IRS using Form 8300. The purpose is to combat tax evasion, money laundering and more. A business that deliberately arranges transactions to bypass this threshold may be charged with illegally avoiding bank reporting requirements, also called “structuring.” In one case, a businesswoman used an elaborate tracking system involving multiple business and personal bank accounts to escape IRS scrutiny. The U.S. Tax Court found her guilty of structuring, resulting in a tax loss of $472,167. In Jan. 2024, she faces sentencing of possible jail time and monetary penalties. For more details: https://bit.ly/3NjSRsN or contact us with questions . © 2023