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Politics : Politics for Pros- moderated

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To: gamesmistress who wrote (241460)	3/11/2008 12:37:16 PM
From: Alan Smithee	Read Replies (1) of 793983

Banks are required to file a Currency Transaction Report (CTR) for any currency transaction in excess of $10,000. Trades and businesses are required to file Form 8300 to report any cash receipts in excess of $10,000. So, if someone buys a Humvee and pays in cash, the dealer is required to report that on Form 8300 to IRS. There is also a Suspicious Activity Report (SAR) for transactions over $5,000 but less than $10,000. Filed on transactions or attempted transactions involving at least $5,000 that the financial institution knows, suspects, or has reason to suspect the money was derived from illegal activities. Also filed when transactions are part of a plan to violate federal laws and financial reporting requirements (structuring) irs.gov

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