26 U.S.C. § 6050I — Returns relating to cash received in

Page 3384 TITLE 26—INTERNAL REVENUE CODE § 6050I 1989—Subsec. (b)(2)(B). Pub. L. 101–239, § 7646(b)(1), as amended by Pub. L. 104–188, inserted ‘‘(other than points)’’ after ‘‘such interest’’. Subsec. (b)(2)(C), (D). Pub. L. 102–239, § 7646(a), added subpar. (C) and redesignated former subpar. (C) as (D). Subsec. (d)(2). Pub. L. 102–239, § 7646(b)(2), inserted ‘‘(other than points)’’ after ‘‘subsection (a)(2)’’ and ‘‘(and the information required under subsection (b)(2)(C))’’ after ‘‘to be furnished’’. 1986—Subsec. (d). Pub. L. 99–514, § 1501(c)(11), in amending subsec. (d) generally, substituted ‘‘informa- tion is required’’ for ‘‘information is furnished’’ in heading and, in text, substituted references to persons required to make a return for former references to per- sons making a return and references to persons whose name is required to be set forth for former references to persons whose name is set forth. Subsec. (g). Pub. L. 99–514, § 1811(a)(1), added subsec. (g). Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2015 AMENDMENT Pub. L. 114–41, title II, § 2003(c), July 31, 2015, 129 Stat. 454, provided that: ‘‘The amendments made by this sec- tion [amending this section] shall apply to returns re- quired to be made, and statements required to be fur- nished, after December 31, 2016.’’ EFFECTIVE DATE OF 2006 AMENDMENT Amendment by Pub. L. 109–432 applicable to amounts paid or accrued after Dec. 31, 2006, see section 419(d) of Pub. L. 109–432, set out as a note under section 163 of this title. EFFECTIVE DATE OF 1996 AMENDMENT Amendment by Pub. L. 104–168 applicable to state- ments required to be furnished after Dec. 31, 1996 (de- termined without regard to any extension), see section 1201(b) of Pub. L. 104–168, set out as a note under sec- tion 6041 of this title. EFFECTIVE DATE OF 1989 AMENDMENT Pub. L. 101–239, title VII, § 7646(c), Dec. 19, 1989, 103 Stat. 2382, provided that: ‘‘The amendments made by this section [amending this section] shall apply to re- turns and statements the due date for which (deter- mined without regard to extensions) is after December 31, 1991.’’ EFFECTIVE DATE OF 1986 AMENDMENT Amendment by section 1501(c)(11) of Pub. L. 99–514 ap- plicable to returns the due date for which (determined without regard to extensions) is after Dec. 31, 1986, see section 1501(e) of Pub. L. 99–514, set out as an Effective Date note under section 6721 of this title. Amendment by section 1811(a)(1) of Pub. L. 99–514 ef- fective, except as otherwise provided, as if included in the provisions of the Tax Reform Act of 1984, Pub. L. 98–369, div. A, to which such amendment relates, see section 1881 of Pub. L. 99–514, set out as a note under section 48 of this title. EFFECTIVE DATE Pub. L. 98–369, div. A, title I, § 145(d), July 18, 1984, 98 Stat. 685, as amended by Pub. L. 99–514, § 2, title XVIII, § 1811(a)(2), Oct. 22, 1986, 100 Stat. 2095, 2832, provided that: ‘‘(1) IN GENERAL.—Except as provided in paragraph (2), the amendments made by this section [enacting this section and amending sections 6652 and 6678 of this title] shall apply to amounts received after December 31, 1984. ‘‘(2) SPECIAL RULE FOR OBLIGATIONS IN EXISTENCE ON DECEMBER 31, 1984.—In the case of any obligation in ex- istence on December 31, 1984, no penalty shall be im- posed under section 6676 of the Internal Revenue Code of 1986 [formerly I.R.C. 1954] by reason of the amend- ments made by this section on any failure to supply a taxpayer identification number with respect to amounts received before January 1, 1986.’’ PLAN AMENDMENTS NOT REQUIRED UNTIL JANUARY 1, 1989 For provisions directing that if any amendments made by subtitle A or subtitle C of title XI [§§ 1101–1147 and 1171–1177] or title XVIII [§§ 1800–1899A] of Pub. L. 99–514 require an amendment to any plan, such plan amendment shall not be required to be made before the first plan year beginning on or after Jan. 1, 1989, see section 1140 of Pub. L. 99–514, as amended, set out as a note under section 401 of this title. § 6050I. Returns relating to cash received in trade or business, etc. (a) Cash receipts of more than $10,000 Any person— (1) who is engaged in a trade or business, and (2) who, in the course of such trade or busi- ness, receives more than $10,000 in cash in 1 transaction (or 2 or more related trans- actions), shall make the return described in subsection (b) with respect to such transaction (or related transactions) at such time as the Secretary may by regulations prescribe. (b) Form and manner of returns A return is described in this subsection if such return— (1) is in such form as the Secretary may pre- scribe, (2) contains— (A) the name, address, and TIN of the per- son from whom the cash was received, (B) the amount of cash received, (C) the date and nature of the transaction, and (D) such other information as the Sec- retary may prescribe. (c) Exceptions (1) Cash received by financial institutions Subsection (a) shall not apply to— (A) cash received in a transaction reported under title 31, United States Code, if the Secretary determines that reporting under this section would duplicate the reporting to the Treasury under title 31, United States Code, or (B) cash received by any financial institu- tion (as defined in subparagraphs (A), (B), (C), (D), (E), (F), (G), (J), (K), (R), and (S) of section 5312(a)(2) of title 31, United States Code). (2) Transactions occurring outside the United States Except to the extent provided in regulations prescribed by the Secretary, subsection (a) shall not apply to any transaction if the entire transaction occurs outside the United States. (d) Cash includes foreign currency and certain monetary instruments For purposes of this section, the term ‘‘cash’’ includes— (1) foreign currency, (2) to the extent provided in regulations pre- scribed by the Secretary, any monetary in- Page 3385 TITLE 26—INTERNAL REVENUE CODE § 6050I strument (whether or not in bearer form) with a face amount of not more than $10,000, and (3) any digital asset (as defined in section 6045(g)(3)(D)). Paragraph (2) shall not apply to any check drawn on the account of the writer in a financial institution referred to in subsection (c)(1)(B). (e) Statements to be furnished to persons with respect to whom information is required Every person required to make a return under subsection (a) shall furnish to each person whose name is required to be set forth in such return a written statement showing— (1) the name, address, and phone number of the information contact of the person required to make such return, and (2) the aggregate amount of cash described in subsection (a) received by the person re- quired to make such return. The written statement required under the pre- ceding sentence shall be furnished to the person on or before January 31 of the year following the calendar year for which the return under sub- section (a) was required to be made. (f) Structuring transactions to evade reporting requirements prohibited (1) In general No person shall for the purpose of evading the return requirements of this section— (A) cause or attempt to cause a trade or business to fail to file a return required under this section, (B) cause or attempt to cause a trade or business to file a return required under this section that contains a material omission or misstatement of fact, or (C) structure or assist in structuring, or attempt to structure or assist in struc- turing, any transaction with one or more trades or businesses. (2) Penalties A person violating paragraph (1) of this sub- section shall be subject to the same civil and criminal sanctions applicable to a person which fails to file or completes a false or in- correct return under this section. (g) Cash received by criminal court clerks (1) In general Every clerk of a Federal or State criminal court who receives more than $10,000 in cash as bail for any individual charged with a speci- fied criminal offense shall make a return de- scribed in paragraph (2) (at such time as the Secretary may by regulations prescribe) with respect to the receipt of such bail. (2) Return A return is described in this paragraph if such return— (A) is in such form as the Secretary may prescribe, and (B) contains— (i) the name, address, and TIN of— (I) the individual charged with the specified criminal offense, and (II) each person posting the bail (other than a person licensed as a bail bonds- man), (ii) the amount of cash received, (iii) the date the cash was received, and (iv) such other information as the Sec- retary may prescribe. (3) Specified criminal offense For purposes of this subsection, the term ‘‘specified criminal offense’’ means— (A) any Federal criminal offense involving a controlled substance, (B) racketeering (as defined in section 1951, 1952, or 1955 of title 18, United States Code), (C) money laundering (as defined in sec- tion 1956 or 1957 of such title), and (D) any State criminal offense substan- tially similar to an offense described in sub- paragraph (A), (B), or (C). (4) Information to Federal prosecutors Each clerk required to include on a return under paragraph (1) the information described in paragraph (2)(B) with respect to an indi- vidual described in paragraph (2)(B)(i)(I) shall furnish (at such time as the Secretary may by regulations prescribe) a written statement showing such information to the United States Attorney for the jurisdiction in which such in- dividual resides and the jurisdiction in which the specified criminal offense occurred. (5) Information to payors of bail Each clerk required to make a return under paragraph (1) shall furnish (at such time as the Secretary may by regulations prescribe) to each person whose name is required to be set forth in such return by reason of paragraph (2)(B)(i)(II) a written statement showing— (A) the name and address of the clerk’s of- fice required to make the return, and (B) the aggregate amount of cash described in paragraph (1) received by such clerk. (Added Pub. L. 98–369, div. A, title I, § 146(a), July 18, 1984, 98 Stat. 685; amended Pub. L. 99–514, title XV, § 1501(c)(12), Oct. 22, 1986, 100 Stat. 2739; Pub. L. 100–690, title VII, § 7601(a)(1), Nov. 18, 1988, 102 Stat. 4503; Pub. L. 101–508, title XI, § 11318(a), (c), Nov. 5, 1990, 104 Stat. 1388–458, 1388–459; Pub. L. 103–322, title II, § 20415(a), (b)(3), Sept. 13, 1994, 108 Stat. 1832, 1833; Pub. L. 104–168, title XII, § 1201(a)(9), July 30, 1996, 110 Stat. 1469; Pub. L. 117–58, div. H, title VI, § 80603(b)(3), Nov. 15, 2021, 135 Stat. 1341.) Editorial Notes AMENDMENTS 2021—Subsec. (d)(3). Pub. L. 117–58 added par. (3). 1996—Subsec. (e)(1). Pub. L. 104–168 substituted ‘‘name, address, and phone number of the information contact’’ for ‘‘name and address’’. 1994—Pub. L. 103–322, § 20415(b)(3), substituted ‘‘busi- ness, etc.’’ for ‘‘business’’ in section catchline. Subsec. (g). Pub. L. 103–322, § 20415(a), added subsec. (g). 1990—Subsec. (d). Pub. L. 101–508, § 11318(a), sub- stituted heading for one which read: ‘‘Cash includes for- eign currency’’ and amended text generally. Prior to amendment, text read as follows: ‘‘For purposes of this section, the term ‘cash’ includes foreign currency.’’ Subsec. (f). Pub. L. 101–508, § 11318(c), substituted heading for one which read: ‘‘Actions by payors’’. 1988—Subsec. (f). Pub. L. 100–690 added subsec. (f). 1986—Subsec. (e). Pub. L. 99–514 substituted ‘‘informa- tion is required’’ for ‘‘information is furnished’’ in Page 3386 TITLE 26—INTERNAL REVENUE CODE § 6050J heading and, in text, substituted references to persons required to make a return for former references to per- sons making a return and references to persons whose name is required to be set forth for former references to persons whose name is set forth. Statutory Notes and Related Subsidiaries EFFECTIVE DATE OF 2021 AMENDMENT Amendment by Pub. L. 117–58 applicable to returns required to be filed, and statements required to be fur- nished, after Dec. 31, 2023, see section 80603(c) of Pub. L. 117–58, set out as a note under section 6045 of this title. EFFECTIVE DATE OF 1996 AMENDMENT Amendment by Pub. L. 104–168 applicable to state- ments required to be furnished after Dec. 31, 1996 (de- termined without regard to any extension), see section 1201(b) of Pub. L. 104–168, set out as a note under sec- tion 6041 of this title. EFFECTIVE DATE OF 1994 AMENDMENT Pub. L. 103–322, title II, § 20415(d), Sept. 13, 1994, 108 Stat. 1833, provided that: ‘‘The amendments made by this section [amending this section and section 6724 of this title] shall take effect on the 60th day after the date on which the temporary regulations are prescribed under subsection (c) [section 20415(c) of Pub. L. 103–322, set out as a Regulations note below].’’ [Temporary reg- ulations under section 20415(c) of Pub. L. 103–322 were filed Dec. 12, 1994, published Dec. 15, 1994, 59 F.R. 64572, and effective Feb. 13, 1995.] EFFECTIVE DATE OF 1990 AMENDMENT Pub. L. 101–508, title XI, § 11318(e), Nov. 5, 1990, 104 Stat. 1388–459, provided that: ‘‘(1) The amendments made by subsections (a) and (b) [amending this section and section 6721 of this title] shall apply to amounts received after the date of the enactment of this Act [Nov. 5, 1990]. ‘‘(2) The amendment made by subsection (c) [amend- ing this section] shall take effect on the date of the en- actment of this Act. ‘‘(3) Not later than June 1, 1991, the Secretary of the Treasury or his delegate shall prescribe regulations under section 6050I(d)(2) of the Internal Revenue Code of 1986 (as amended by this section).’’ EFFECTIVE DATE OF 1988 AMENDMENT Pub. L. 100–690, title VII, § 7601(a)(3), Nov. 18, 1988, 102 Stat. 4504, provided that: ‘‘The amendments made by this subsection [amending this section and sections 6721 and 7203 of this title] shall apply to actions after the date of the enactment of this Act [Nov. 18, 1988].’’ EFFECTIVE DATE OF 1986 AMENDMENT Amendment by Pub. L. 99–514 applicable to returns the due date for which (determined without regard to extensions) is after Dec. 31, 1986, see section 1501(e) of Pub. L. 99–514, set out as an Effective Date note under section 6721 of this title. EFFECTIVE DATE Pub. L. 98–369, div. A, title I, § 146(d), July 18, 1984, 98 Stat. 687, provided that: ‘‘The amendments made by this section [enacting this section and amending sec- tions 6652 and 6678 of this title] shall apply to amounts received after December 31, 1984.’’ REGULATIONS Pub. L. 103–322, title II, § 20415(c), Sept. 13, 1994, 108 Stat. 1833, provided that: ‘‘The Secretary of the Treas- ury or the Secretary’s delegate shall prescribe tem- porary regulations under the amendments made by this section [amending this section and section 6724 of this title] within 90 days after the date of enactment of this Act [Sept. 13, 1994].’’ [Temporary regulations under sec- tion 20415(c) of Pub. L. 103–322 were filed Dec. 12, 1994, published Dec. 15, 1994, 59 F.R. 64572, and effective Feb. 13, 1995.] REPORTS ON USES MADE OF CURRENCY TRANSACTION REPORTS For requirement of Secretary of the Treasury to re- port to Congress on number of reports filed under this section yearly, the rate of compliance with reporting requirements, the manner in which Federal agencies collect, organize and analyze such data, and sanctions imposed and indictments filed for failure to comply, see section 101 of Pub. L. 101–647, set out as a note under section 5311 of Title 31, Money and Finance. NO INFERENCE TO BE DRAWN FROM AMENDMENT Pub. L. 100–690, title VII, § 7601(a)(4), Nov. 18, 1988, 102 Stat. 4504, provided that: ‘‘No inference shall be drawn from the amendment made by paragraph (1) [amending this section] on the application of the Internal Revenue Code of 1986 without regard to such amendment.’’ § 6050J. Returns relating to foreclosures and abandonments of security (a) In general Any person who, in connection with a trade or business conducted by such person, lends money secured by property and who— (1) in full or partial satisfaction of any in- debtedness, acquires an interest in any prop- erty which is security for such indebtedness, or (2) has reason to know that the property in which such person has a security interest has been abandoned, shall make a return described in subsection (c) with respect to each of such acquisitions or abandonments, at such time as the Secretary may by regulations prescribe. (b) Exception Subsection (a) shall not apply to any loan to an individual secured by an interest in tangible personal property which is not held for invest- ment and which is not used in a trade or busi- ness. (c) Form and manner of return The return required under subsection (a) with respect to any acquisition or abandonment of property— (1) shall be in such form as the Secretary may prescribe, (2) shall contain— (A) the name and address of each person who is a borrower with respect to the indebt- edness which is secured, (B) a general description of the nature of such property and such indebtedness, (C) in the case of a return required under subsection (a)(1)— (i) the amount of such indebtedness at the time of such acquisition, and (ii) the amount of indebtedness satisfied in such acquisition, (D) in the case of a return required under subsection (a)(2), the amount of such indebt- edness at the time of such abandonment, and (E) such other information as the Sec- retary may prescribe. (d) Applications to governmental units For purposes of this section—