Can you spend 10000 in Cash?

smallbusiness.chron.com - IRS Rules on Payments Over $10,000 - Small Business - Chron.com

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Federal law states that all cash payments in excess of $10,000 must be reported to the IRS. This applies to the businesses accepting the cash and to the financial institutions receiving it for deposit. These laws exist to help the government prevent terrorist activities and other financial crimes. Significant penalties may be imposed on businesses and institutions that willfully or negligently fail to adhere to these laws.

Why Report?

You must file a report every time your company receives a cash payment of $10,000 or more. These laws exist to help the IRS prevent income tax evasion and to help other governmental authorities to detect and stop money laundering or terrorist activities. Large sums of money are closely monitored and such deposits analyzed to detect unusual behavior or indications of illegal activity. The government relies on financial institutions and business owners to report cash transactions to further its enforcement efforts.

Who Reports?

According to the IRS, any persons who receive more than $10,000 while conducting their trade or business must report these transactions. If you are a business owner and one of your customers pays for goods or services with cash in a transaction that exceeds $10,000, you are legally obligated to provide the specifics of both the transaction and the customer to the IRS.

What Do You Report?

The IRS has specified what types of payments constitute cash for the purposes of meeting the payment reporting requirements. Only transactions involving the exchange of physical money are considered. According to the IRS, cash includes any coins or paper currency, regardless of the country of origin, cashier's checks, traveler's checks and money orders. If you receive $10,000 or more in a combination of any such monetary instruments, you must inform the IRS.

When Do You Report?

According to the IRS, businesses are required to report cash payments of $10,000 or more within 15 days of the transaction date using IRS Form 8300. Payments for less than $10,000 do not need to be reported, unless subsequent transactions of payments from the same customer occur within one year and the aggregate total of all payments exceeds $10,000. Companies must file a report each time a customer's payment reaches this limit, even if the result is multiple reports for the same customer.

What Happens if You Don't Report?

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How hard is a 50k?

A 50k race (31 miles) is a great challenge, and is the perfect place to start your ultra-running journey. It's a big accomplishment, but it's also attainable. Yes, it's hard–but also yes, it's important–to train and prepare your body with consistency and dedication when training for your first 50k.

vert.run - The Ultimate 50k training guide - Vert.Run

The first step to running your first (or next) 50k is identifying the “why.” First, you have to put your finger on what’s driving you–find that strong reason, and always keep it in sight as your source of motivation. This is important; it’ll help you throughout the whole process, and will make it easier to get out the door when it feels hard. The cool part is that it doesn’t matter what your reason is–they’re all valid. For me, for example, I feel more comfortable in longer races; races between 70 to 100 miles are my sweet spot. But personally, I find that training for a 50k is a difficult undertaking. Why? Since I’m a competitive runner, when I run a 50k I need to be faster and to be able to push and “suffer” at a higher level than what I’m used to. This is tough for me, and especially because a 50k takes around four to six hours. (We’ll talk more about this later, but it’s really important to understand that the time it takes to finish a 50k depends not just on your fitness level, but also on the type of 50k that you choose. A steep, technical 50k will take much longer to finish than a more runnable course will.)

So, back to the topic of motivation. When I decide to run a 50k, my motivation and drive is mostly to get faster, and to take myself totally out of my comfort zone. So, let’s find your motivation, your driving point–what is it for you? In any case, you’ll inspire your family, friends and the people around you and make them really proud…so that’s a starting point, right?

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