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TRUNKING GAS An ENERGY TRANSFERCompanyJuly 12, 2016R E C P T ^ 1Mr. Bryan Dominguez Acting Regional Supervisor Bureau of Safety and Environmental Enforcement Gulf of Mexico OCS Region & Atlantic Activities 1201
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REC P stands for Report of Cash Payments over $10,000 Received in a Trade or Business. It is a form used to report cash payments received by a business that exceed $10,000.
Any business or individual who receives cash payments over $10,000 in the course of trade or business is required to file the REC P form.
REC P form must be filled out with information about the payer, recipient, amount of cash received, nature of the transaction, and other relevant details. It can be filed electronically or by mail.
The purpose of REC P is to help prevent money laundering and tax evasion by tracking large cash transactions. It also aids in enforcing tax laws and regulations.
The REC P form requires reporting of the name, address, and taxpayer identification number of the payer and recipient, as well as the amount and nature of the cash payment.
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