§5331 Reports relating to coins and currency received in nonfinancial trade or business

Summary

Businesses must file a report when they get more than $10,000 in coins or cash in one sale or in related sales, or when they already have to file a report under Internal Revenue Code section 6050I(g). The report must follow the format the Treasury requires and must include who the money came from (name, address, and any ID the Treasury asks for), how much was received, when and what kind of transaction it was, and any other information the Treasury needs, including who is filing the report. This rule does not apply to amounts already reported under section 5313 and its rules. It also generally does not apply if the whole transaction happens outside the United States, unless Treasury rules say otherwise. For this rule, “currency” includes foreign money and, under Treasury rules, certain monetary instruments up to $10,000 in value. That monetary-instrument rule does not cover checks written on the payer’s account at certain kinds of financial institutions listed in section 5312(a)(2).