Exempting Once & Future Transactions
Answer by John Burnett, BOL Guru Guru Bios
Question: We recently had a city volunteer Fire Department deposit $9888 in cash from an annual fund raiser. This account holder uses the city tax ID number. On the same day, the city deposits checks for utility bills totaling $260 in cash and now the tax ID number has a total cash deposit of over $10,000. I am filing a phase I exemption for the city Fire Department. Do I still have to file a CTR since the deposits of over $10,000 have already taken place? Isn't this transaction and all future transactions what I am trying to exempt?
Answer: You are able to backdate the effective date of your exemption up to 30 days from when you file it. If the cash transactions you've described fall within that 30-day period, your exemption will cover them. If not, you'll be late when you do file the CTR.
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