Publication 1544 |
2001 Tax Year |
Why Report These Payments?
Congress passed the Tax Reform Act of 1984 and the Anti-Drug Abuse
Act of 1988. These Acts require you to report certain cash payments of
over $10,000.
Often smugglers and drug dealers use large cash payments to
"launder" money from illegal activities. Laundering means
converting "dirty" or illegally-gained money to "clean"
money.
The government can often trace this laundered money through the
payments you report. Your compliance with the law provides valuable
information that can stop those who evade taxes and those who profit
from the drug trade and other criminal activities.
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