Running A Cash Business? The Government Thinks Your Skimming
Running A Cash Business? The Government Thinks Your Skimming
Cash businesses are often considered for audits mainly because they are the most likely to skim off the top. A cash business is one that operates through mostly cash in hand. For example, if you run a restaurant, vending machines or you run the local Laundromat, nearly all of your transactions are in cash. It would be very easy to skim something off of the top.
The IRS targets those most likely to be skim off the top for their audits. And, no matter if you file a Form 8300 (Report of Cash Payments Over $10,000 Received in a Trade or Business) or not, they still are monitoring you.
Those that run cash based business are more likely than the other small business owners to end up audited. If this is the type of business you run, do take the time necessary to file the correct information and by all means keep accurate receipts and sales ledgers.
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