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The Good Life Report - Large Cash Payments and Polyphenols

“Optimism is the faith that leads to achievement.”

– Helen Keller


Do You Need to Report Cash Payments?

If you receive a cash payment that is more than $10,000, you may be required to report it to the IRS. In this case, a cash payment includes US or foreign currency and can also include cashier's checks, bank drafts, traveler's checks, or money orders.

In addition, cash payments to an individual can also include payments from companies, corporations, partnerships, associations, trusts, or estates. For example, this could include:

  • Dealers of jewelry, furniture, boats, aircraft, automobiles, art, rugs, and antiques

  • Pawnbrokers

  • Attorneys

  • Real estate brokers

  • Insurance companies

  • Travel agencies

This requirement refers to cash payments that are received as one lump sum, in two or more payments within 24 hours, as a single transaction within 12 months, or as part of two or more transactions within 12 months.

So how do you report cash payments? Taxpayers should fill out Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business. You can file this form electronically or mail a physical copy to the IRS. You must submit Form 8300 within 15 days after receiving the cash payment.

* This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.

Tip adapted from IRS.gov1


What Are Polyphenols?

You may have heard of polyphenols before as they're getting a lot of buzz in the health and wellness community. But what are they, and what are their benefits?

Polyphenols are a category of plant compounds that may offer various health benefits, from boosting brain health and digestion to protecting against heart disease, type 2 diabetes, and even some cancers.

There are many sources of polyphenols, including dark chocolate, tea, and dark berries. Even red wine may contain polyphenols. There are four main types of polyphenols:

  • Flavonoids: Flavonoids account for around 60% of all polyphenols and can be found in foods like apples, onions, dark chocolate, and red cabbage.

  • Phenolic acids: Phenolic acids account for about 30% of polyphenols and can be found in fruits, veggies, whole grains, and seeds.

  • Polyphenolic amides: Polyphenolic amides can be found in chili peppers and oats.

  • Other polyphenols can be found in red wine, berries, turmeric, flax seeds, sesame seeds, and whole grains.

Tip adapted from Healthline2


A certain month can begin on a Friday and end on a Friday as well. What month is it?

Last week’s riddle: What number is 4 more than the number that is double one-fifth of one-tenth of 900?  Answer: 40 (900 / 10 = 90 / 5 = 18 x 2 = 36 + 4 = 40).


Sunset behind a line of palm trees in Wailea, Hawaii.


We hope you enjoyed this Good Life Report. If you have any questions or comments, we would love to hear from you. You can call us at 612-492-0212, or email us at stein@steinfg.com. If you want to talk to a financial advisor, you can make an appointment online at https://bookwithsfg.timetap.com/. We are always happy to help in any way that we can!

Sources: 
1. IRS.gov, 2021
2. Healthline.com, July 8, 2019