IRS sends out 20,000 letters asking retailers about cash sales

08/19/2013 | CNNMoney

The Internal Revenue Service has sent out about 20,000 letters querying small-business retailers that have an unusually high level of sales made by credit card. The IRS is basing its queries on industry averages for cash and credit card receipts. The reasoning is that a retailer may be underreporting income by not declaring cash sales.

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