Unfortunately, I have sad news to report this Monday. Yesterday, my father passed away in Los Angeles at the age of 73. I am deeply saddened but reflective. My father was an extraordinary man who taught me the value of hard work and how to truly empathize with others. It is these values that have determined my path to becoming an advisor. It is my mission to make sure every moment of my clients lives is as joyful and free as possible. Experiencing the passing of my father has reminded me how precious each moment is and that we never know when our time will come. We must live each moment to its fullest and helping you do that will be my lasting memorial to my wonderful father and mother.
Sunset behind a line of palm trees in Wailea, Hawaii.
“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:
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:
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).
Footnotes and Sources
1. IRS.gov, 2021
2. Healthline.com, July 8, 2019
Please consult your financial professional for additional information.
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