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IRS Reminds Businesses to Report Large Cash Transactions

March 4, 2021, 9:46 AM

How many times have you uttered the phrase, “I don’t carry cash”?

Even as some folks are going cashless, many remain committed to paying in dollars. The most recent Diary of Consumer Payment Choice—an annual research effort conducted by the Federal Reserve—reports that consumers aren’t giving up their dollar bills just yet. More than a quarter of all purchases, and nearly half of all purchases under $10, are still paid for in cash.

That translates into trillions of dollars worth of cash changing hands every year in the ...