IRS affidavit says deals on property sales fraud – When I was teaching seminars to Realtors around Arkansas, I used to include a section on the requirement to file Form 8300 with IRS for transactions where more than $10,000 in cash or cash equivalents was involved. There was a lot of skepticism as to this happening with real estate purchases. However, this case shows that it is a very common method of money laundering.
While the article doesn’t say anything about the parties receiving the money, IRS has a good case to prosecute them for failure to file Form 8300. Anyone receiving 30 cashiers checks totaling $120,000 should report it on one or more 8300s, even though no one check was for more than $10,000.