TWENTY-THREE PERCENT COMPLIANCE RATE FOR CASH TRANSACTION REPORTS, IRS SAID
TWENTY-THREE PERCENT COMPLIANCE RATE FOR CASH TRANSACTION
REPORTS, IRS SAID
DALLAS, Nov. 18 /PRNewswire/ -- Thirty-five teams of Internal Revenue Service employees visited 193 retail businesses in 47 North Texas cities during a three-day period beginning Nov. 12, 1991.
"Our teams found 90 instances where Form 8300, 'Report of Cash Payments Over $10,000 Received in a Trade or Business,' should have been filed. Of these, only 21 reports were filed," said Jim Kelley, assistant district director for the Dallas District of the Internal Revenue Service.
According to Kelley, the 90 reports should have provided information regarding $1,396,519. The 21 reports filed reported $320,709.
This compliance check began a process Kelley said addresses IRS' recognition of retailers' need for more detailed information about the currency transaction report requirements. "Penalties for failure to file these reports range all the way from civil penalties, to criminal fines and forfeiture, to severe prison sentences," Kelley noted. "That's why we are taking these steps to assure that those who may have these requirements have the education and tools they need for voluntary compliance."
The Treasury Department's hotline for questions about currency transaction reports is 800-800-CTRS.
/CONTACT: Marlene Gaysek of the Internal Revenue Service, 214-767-1424/ CO: Dept. of Treasury, Internal Revenue Service ST: Texas IN: FIN SU: DB -- DV004 -- 4533 11/18/91 14:15 EST