IRS Announces Expansion of Cash Transaction Reporting Requirements

On December 11, 1990, the Internal Revenue Service issued Announcement 90-142, clarifying that the Revenue Reconciliation Act of 1990, which provides that, to the extent prescribed in Treasury regulations, any monetary instrument with a face amount of not more than $10,000 (other than a personal check) will be treated as cash for purposes of the cash transaction reporting requirement, will apply prospectively.