Question

Violation of the IRS Cash Reporting Rule can result in the following 3 penalties to the salespersons:

(A) A severe fine
(B) A criminal felony charge
(C) Jail time if convicted
(D) All of the above

Answer 1

The violation of the IRS Cash Reporting Rule can result in severe penalties including fines, criminal charges, and jail time.

Step-by-step explanation:

The IRS Cash Reporting Rule requires the reporting of cash transactions exceeding $10,000. Violation of this rule can result in severe penalties for salespersons. These penalties include a severe fine, a criminal felony charge, and jail time if convicted. Therefore, the correct answer is (D) All of the above.