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Form 8300 Illinois: What You Should Know
The form is filed by the individual who received the cash payment Form 8700, Cash, 2 Form IRS Cash File Online; Printable, Fillable The IRS requires businesses who receive large cash payments be on the lookout for IRS-issued Form 8700. Form 8700 is required as the federal government requires payment of large cash payments over 10,000. I received a Form 8700 for 5000.00 in cash from a business. If he wants to collect and withhold on that cash, let the U.S. government know, and they will let you know about Form 8709. Form 8709 does not have to be as large as the Form 8700, but it will have to be in excess of 10,000. I also received a Form 8709 for an 8000.00 in cash (it's a huge cash deposit into an account). He does have to pay tax on the 5000.00, and on that Form 8709, they ask for information about the payment. It should be enough to get you the form you need. I received two Form 8700's for a sum of over 8000.00 in cash. I had to file them both. Since one was a much smaller amount, I just filed it as a separate item and included it in the Form 2355 on page 14 of Form 2355, Amounts Over 10,000. For those of us that have business contracts and the like, be smart as to which you file with. For tax matters please contact me. Thank-you. The amount of your check should be added to the total. This may vary by contract. As a simple rule of thumb you should pay the minimum due. This works if you have an advance deposit, which is often based on an estimate of your income. The IRS will want to know this information as they will need to send a Form 8300 to the payee's bank account. If your employer provides you with a 1099 form showing an overpayment, the Form 1099 may not have all the correct information.
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