Talk of The Villages Florida - View Single Post - No more cashless businesses
Thread: No more cashless businesses
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Old 01-05-2024, 09:00 AM
retiredguy123 retiredguy123 is offline
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Originally Posted by bp243 View Post
Absolutely agree! Plus, it suggests that there’s some oversight on reported business income.
Banks are required to report credit card transactions from most businesses (based on total annual amount) to the IRS. So, the IRS can compare the income a business reported to their credit card income.