but my business account is limited to $7,500 and I do about a million a month on average in checks and wires.
So the $10,000 amount, while subject to the IRS 8300 form, might not be the case depending on the bank involved. See: http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/FAQs-Regarding-Reporting-Cash-Payments-of-Over-$10,000-%28Form-8300%29
Anytime I don't have to deal with the IRS, or can avoid ever talking to them, I save myself the potential of headaches down the road. If someone wants to buy with cash, I simply don't do business with them. Yes, I miss out on some commissions (lots really), but I like to live my life without scrutiny.
Author of Buy Gold and Silver Safely
Next book: Illusions of Wealth - due out soon
Also writing book We the Serfs!
Want DP delivered to your inbox daily? Subscribe here: