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Why the Self-Employed are Audit Targets
Cash Transactions
As part of a government campaign against the underground economy in general, and drug-related money laundering in particular, the law requires that cash and cash equivalent business transactions over $10,000 be reported to the IRS on Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business. These report forms are also called Currency Transaction Reports, or CTRs. (For a detailed pamphlet explaining this law, see IRS Publication 1544, Reporting Cash Payments of Over $10,000.) Some state tax agencies have similar reporting laws and forms.
If you don't file a Form 8300 when you should, and the IRS finds out, you can be fined, audited, or both. You can also get in trouble criminally -- CTR violations are investigated by the IRS Criminal Investigation Division.
Cash Businesses
If your business deals in a lot of cash -- for example, you run a bar, a restaurant, vending machines, or a laundromat -- the IRS may suspect you of skimming cash off your receipts. This is true whether you file Form 8300 or not. The audit potential of cash businesses is much higher than average.
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