Our church recently received a cash contribution of more than $10,000 (in actual currency, not a check). Must we report the funds to the Treasury Department?
No. The tax law generally requires any person in a trade or business that receives cash of more than $10,000 in one transaction to file a Form 8300 to report receipt of the funds. The requirement applies to churches that receive such sums for the sale of goods or services. But the IRS says the requirement does not apply to the receipt of charitable contributions (IRS Notice 90-61).
Dan Busby is a certified public accountant, president of the Evangelical Council for Financial Accountability (ECFA), and the author of the Zondervan Clergy Tax & Financial Guide.