Answer:
These businesses are not eligible for exemption. To qualify for a Phase II exemption, a business must individually meet the deposit thresholds.
First published on BankersOnline.com 4/1/13
CTR Exemptions-Separate Form for Each Business?
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Question:
A question about CTR exemptions. We have a customer who owns a bowling alley. He has the bowling lanes, the pro shop, the snack bar and a children's party room organized as four separate businesses, each with its own tax ID number. Invariably, deposits are made for all the businesses at the same time, so they are aggregated and reported on a CTR when the cash amounts exceed the 10K threshold as the same individual makes all the deposits. Is it possible to exempt these businesses even though individually none of them ever exceeds the 10K reporting threshold? I assume that we would have to file a separate exemption form for each business.
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