As a cash business, you must record every transaction. You will use those records to report your business’s income. You file taxes the same way as a non-cash business but note that you must file Form 8300 if you receive more than $10,000 in cash in a single transaction or in related transactions.[i] At the very least, you will need to file an annual income tax return.[ii] This would be a good question to ask your CPA.
[i] “Form 8300 and Reporting Cash Payments of over $10,000.” Internal Revenue Service, n.d. https://www.irs.gov/businesses/small-businesses-self-employed/form-8300-and-reporting-cash-payments-of-over-10000 [ii] “Business Taxes.” Internal Revenue Service, n.d. https://www.irs.gov/businesses/small-businesses-self-employed/business-taxes