Quoted from Whysnow:
urban myth that by taking multiple payments under 10k means you dont have to report. Reality is that it does need to be reported and after things are done with the court case I would guess the IRS will be interested in talking with him about these transactions also?
What Payments Must Be Reported?
You must file Form 8300 to report cash paid to you if it is:
1.One lump sum of over $10,000,
2.Installment payments that cause the total cash received within 1 year of the initial payment to total more than $10,000, or
3.Other previously unreportable payments that cause the total cash received within a 12-month period to total more than $10,000,
3.Received in the course of your trade or business,
4.Received from the same buyer (or agent), and
5.Received in a single transaction or in related transactions (defined later).
I guess noone is reading the link Wolfmarsh posted....That's ^ all fine and dandy, but consecutive checks do not constitute cash. It specifically gives examples why checks drawn on personal accounts are not considered cash. So your argument is moot. If Kevin paid Virtua, 5 checks of $9900, for goods, it was a wasted effort, because one check of $50K would still not have required form 8300. Nor does 5 checks of $9900. It's a definite distinction the IRS makes. Only coins, paper money, cashier checks, money orders and bank transfers are considered "cash". My opinion, this was a tactical error by Keith going down this avenue.