The Financial Crimes Enforcement Network recently issued a geographic targeting order to approximately 700 businesses in the Miami area which export electronics and mobile phones, and companies are struggling to understand what this means for Miami and its electronics industry.
The GTO contains several important reporting requirements for covered businesses which are triggered by cash transactions of $3,000, which is significantly lower than the usual $10,000 threshold. The report to the government, Internal Revenue Service Form 8300, must include detailed information about the transaction and the people involved, and must be retained by the filing party for a period of five years.
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