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arw01
 
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Default 8300 FORM WalMart redux


I agree with your wish of bewns for the HR manager, but I have a thought:
With a $10K limit above which monetary transactions have to be reported
to thwe Feds somewhere somehow, would it not have been wise to call ahead
and see whether a check would be acceptable payment?

... snip

My understanding is the $10k reporting requirement is for bank
transactions, not all financial transactions. The purpose is to catch
money laundering.


Technically $10,000 in _any_ transaction can be reported. However, it
mainly refers to cash or combination of cash and checks. If you take
cash for $5000 a week early, then take another $6000 in a few more
days, you have to report it. If you get $5000 in cash and a Cashiers
check for the balance, it's not required. If you get $9900 and then a
check you are supposed to report that. This the feds feel is an
attempt to circumvent the rules.

This reminds me I need to file a form at work first thing on MONDAY!

Alan



 
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