4 ms·

If the federal government were to aggressively enforce this it would amount to a default ban on cash transactions between businesses.

• mark_l_watson 17y ago
  That may be the point. I have joked for years that cash would be made illegal, and perhaps now it is not such a joke.
• hga 17y ago
  How so? This provision requires the reporting of a payment; it doesn't say anything about the instrument(s) used to make that payment.
  • olefoo 17y ago
    It simply comes down to convenience. It may not be technically illegal to make cash payments for services or goods, but this would mean that you have to track all such payments and who the payee was, in case you paid more than $600 to a given entity. At which point there's enough paperwork already that cutting a check, or authorizing a funds transfer is easier. So while it wouldn't necessarily make cash transactions illegal, it would make them stand out more and be scrutinized more carefully.