CASH REPORTING

Question 1

The IRS definition of “cash” does not include:

Answer 1

Personal checks.

Question 2

The IRS Cash Reporting Rule, enacted to prevent citizens from hiding unreported income, requires
dealerships to complete and file IRS form 8300 when cash receipts exceed the following dollar amount:

Answer 2

$10,000.

Question 3

Violation of the IRS Cash Reporting Rule can result in which of the following personal penalties to the
salespersons:

Answer 3

A severe fine.
A criminal felony charge.
Jail time if convicted.

Question 4

What does the anti-structuring provision of the IRS Cash Reporting Rule prohibit?

Answer 4

Advising customers on how to get around the rule.