Monday, May 17, 2010

Why do I have to fill out a form at dental office for payment over $10,000.?

i paid my dentist in cash and he want me to fill out a form. Why?

Why do I have to fill out a form at dental office for payment over $10,000.?
10 K? What the hell did you get done?
Reply:All large cash transactions of any type anywhere in the US have to be reported to the IRS. The dentist has to protect himself from "suspicious transactions" reports against him when he deposits the cash into the dental practice's bank account, and produce your report along with one of his own. It used to be only for transactions over $10,000, but reporting requirements can hit you with as little as $1000 paid in cash.
Reply:Those who receive 10,000 or more in cash or cash equivalents (money orders for example) are required to file a Form 8300 with the IRS detailing where they got the money (which would be you), personal detail such as your SSN and address. If he does not supply the required information, he faces a minimum of $50 fine. If you paid by a check, the bank would report that information to the government because they have your information.

Yellow Teeth

No comments:

Post a Comment

Note: Only a member of this blog may post a comment.

 
vc .net