tax-law finance accounting
Not depositing cash from business transactions
<p>Is it legal, in the U.S., to not deposit cash proceeding from business transactions, such as real estate rentals or restaurants, so long as those monies are ultimately declared as income to the IRS, although there is no paper trail verifying it from a third party (a bank)?</p>

<p>In other words, are there laws that says cash proceeds, or a percentage thereof, must be deposited in a bank account to be used as official record for fiscal purposes?</p>

<p><strong>No, it is not illegal</strong></p>
<p>There is no law that says a business must have a bank account, let alone that they must make deposits to it.</p>
