Re: Cash in the mail


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Posted by Dean [208.93.180.75] on Saturday, September 26, 2015 at 12:38:15 :

In Reply to: Re: Cash in the mail posted by Dean [208.93.180.75] on Saturday, September 26, 2015 at 12:37:21 :

The law makes a few exceptions. A bank doesn't have to file a report on large cash transactions involving other banks or government agencies. It also allows banks to apply for exemptions for regular business customers. If, say, a bank has a department store as a customer, and that store's manager withdraws $20,000 in cash for the store safe or the registers, the bank doesn't have to make a report each time it happens. Instead, the bank can file a form with the IRS identifying the store as a regular business customer. This exemption must be renewed every year.



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