§5331 Reports Relating to Coins and Currency Received in Nonfinancial Trade or Business

Summary

Businesses must file a report when, as part of their business, they get more than $10,000 in coins or cash in one sale or in two or more related sales. A business must also file if it already has to report under Internal Revenue Code section 6050I(g). The report must be in the form the Secretary sets and must list the person who gave the cash (name, address, and any other ID the Secretary asks for), the amount, the date and type of transaction, and any other information the Secretary requires, including who is filing the report. No report is needed if the transaction was already reported under section 5313 and its rules. Generally, transactions that happen entirely outside the United States do not need to be reported unless the Secretary’s rules say otherwise. For this rule, “currency” includes foreign money and, when allowed by the Secretary, certain monetary instruments up to $10,000. That monetary-instrument rule does not cover checks written on the payer’s own account at the kinds of financial institutions listed in section 5312(a)(2) (subparagraphs A, B, C, D, E, F, G, J, K, R, or S).