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It seems that the government wants to know everything you do – and you’re required to self-report it. Covered employers (those with more than 10 employees) are subject to numerous recordkeeping and reporting about workplace injuries and illnesses under the Occupational Safety and Health Administration (OSHA). If you receive more than $10,000 in cash in one or more related transactions in the course of your business, you must report the transaction to the IRS as well as to the party that paid you.
Reporting is made on IRS Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business.
Retirement plans, other than SEPs and SIMPLE IRAs, are subject to annual reporting requirements. Small plans covering only an owner (or owner and spouse) or partners (partners and their spouses) are exempt from filing if the assets of the plan don’t exceed $250,000. Caution: If you’ve done a ROBS (rollover as business startup) but have not filed returns on the belief that you’re exempt because of plan assets being under the $250,000 threshold, you have an opportunity to catch up with filing requirements under this pilot program.
A number of states require certain employers to verify the eligibility status of a worker through an electronic system.
You can also voluntarily use the federal government’s E-Verify to determine the eligibility of workers.
If you have a foreign bank account that had a value at any time during the year exceeding $10,000, you have to report the account to the U.S. Note: Reporting is required even if you also reported the account to the IRS on Form 8939 with your tax return. Always consult with an attorney if you have any questions about your legal obligations to report your activities to the government.
Founded in 2003, Small Business Trends is an award-winning online publication for small business owners, entrepreneurs and the people who interact with them. Together with hundreds of expert contributors, Small Business Trends brings you the news, advice and resources you need. Nick’s Roast Beef celebrated its 40th year in operation in 2015, something about which most mom-and-pop shops can only dream. It wasn’t long after the birthday celebration, however, that the owners were forced to wake up from that dream when they were indicted on 17 federal criminal counts. The popular sandwich shop, located in North Beverly, Massachusetts, was recently targeted by the Internal Revenue Service, which claims the small, cash-only location has withheld millions of dollars in taxes.
Cash only businesses can quickly draw the attention of the IRS, observes crisis management expert Walter Pavlo. The IRS accuses the small shop failed to pay taxes  on more than $1.3 million  in taxes over a seven year period, as well as paying suppliers and employees under the table without taxes being applied.
The feds also allege they skimmed $6 million in cash receipts over a six  year period, reported Wicked Local, a northern Boston news source. The owners, Nicholas Koudanis and Nicholas Markos, along with Koudanis’ wife and son, were arrested on December 10.

For example, according to, a site maintained by the Franklin Center for Government and Public Integrity, the majority of payouts under the IRS Whistleblower program launched in 2011 are for under $2 million.
There are probably a few reasons small business like Nick’s make such appealing targets for the agency. Also, court costs are high and small businesses sometimes can’t afford the representation needed to fight back against the federal government in such situations. Federal officials are also expert at pressuring guilty pleas out of defendants by tacking on additional charges carrying more severe sentences until they crack, Pavlo added.
But if federal officials make claims that larger amounts were withheld, a charge of laundering could easily be added with the likelihood of a decade in prison. In the end, businesses that take cash only and are too small to fight an IRS probe may often be the agencies main targets. Better more sophisticated tracking will decrease the amount the IRS can read in to your bookkeeping and accuse you of wrongdoing. Though you may choose to get assistance with tax code and tax strategy from a tax professional, be sure to take advantage of the resources made available by the IRS.
In addition to IRS resources, the Small Business Administration makes services and workshops available to small business owners. Even with the wealth of resources and services offered by the IRS and other entities for small business owners, tax law is complex and can be difficult to navigate.
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The IRS is seizing accounts of small business operations under the crime called Structuring. If you don’t, you may be liable for penalties (and they usually aren’t even tax deductible). Thus, if you receive a payment in cash of $11,000 on July 1, 2014, you must report it by July 15, 2014. Reports are made on an IRS form in the 5500 series (depending on the type of plan); they are filed with the Department of Labor’s Employee Retirement Security Administration. However, even for these plans an information return must be filed in the final year of the plan. For example, North Carolina mandates the use of E-Verify for companies with 25 or more employees. If you miss one, you may be able to escape penalty by arguing reasonable cause and correcting the error as quickly as possible. With so many things you have to process on top of your business, you certainly cannot do it alone. Let us also not forget all the monthly and quarterly reporting requirements for employers like Fed and state 941s, sales tax reports, etc. What is true, say experts, is that the IRS has a history of targeting such businesses because they have difficulty fighting back.

That’s despite the fact that many corporation may be equally or more guilty of tax avoidance, defense attorney Joel Androphy told Pavlo in an interview. And it could easily be understood why defendants in this instance might take a guilty plea in exchange for a reduction in the charges. Small businesses owe it to themselves to adopt the most sophisticated method of tracking earnings and payments they can afford.
She covers business as it is impacted by pop culture, entrepreneurs in the arts, and other topics affecting creative businesses.
Over 50% of Schedule C profit can be payable to the IRS in income and self-employment taxes. The Small-Business Forms and Publications center allows individuals to look up specific topics. Individuals can sign up for bi-weekly tax newsletters for business owners through an email subscription. It is advisable to utilize the services of a qualified tax professional to ensure you are clear on the laws, how they apply to you and your business, and what you need to meet the requirements. The information contained within this website is provided for informational purposes only and is not intended to substitute for obtaining accounting, tax, or financial advice from a professional tax planner or attorney. This is where you deposit less than $10,000 two or more times to try to avoid the bank reporting the cash deposits. Lyndon McLellan made two deposits amounting to $11,400 within a 24 hours period. If the deadline falls on a Saturday, Sunday, or legal holiday, file by the next business day.
She has a background as an illustrator and her design page can be found at AubrielleBillustrations. There are broad overviews on each area of tax law specific to sole proprietorships, corporations, LLCs, partnerships, etc.
The newsletters include information on tax law changes and current tax law explanations specific to small businesses. Section covers how the IRS helps business owners to understand how payroll works, and whether a worker is classified as an employee or independent contractor. Its authors make no claims about its accuracy, completeness, or up-to-date character and that applies to any site linked to this website as well. Payment delays can be costly too, especially for businesses that may already be struggling. It is important, as a small business owner, to learn all you can about tax law in order to save your capital. Legal rules and tax rules change frequently, therefore, we cannot guarantee that any information on this web site is accurate or up to date.

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