I've made several sales internationally and have received over $100k in international wire transfers this past year to my bank account. I understand that if I receive this amount in international wire transfers, I need to report it on form 3520, however these wires were not gifts.
I have carefully documented costs and sales prices of the items and intend on reporting this activity as small business/self employed income. Will this suffice? I am just concerned that the wires will not be associated with this income and be flagged for not reporting in some form.
Thank you.
