Form 8300

Form 8300

A form one files with the IRS to report cash payments in excess of $10,000 that one receives in the conduct of business. These payments are documented in order to discourage potential money laundering. Publication 1544 explains how to file Form 8300.
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Persons involved in a trade or business are required to prepare and file Form 8300 when, in the course of that trade or business, they receive more than $10,000 in cash in one transaction (or two or more related transactions).
Form 8300 transaction forms from banks showing large transactions.
Form 8300 and Reporting Cash Payments of Over $10,000: The majority of business owners recognize that cash deposits in excess of $10,000 draw attention from the IRS.
The title insurance company must identify the beneficial owners, obtain and record each beneficial owner's driver's license or passport, and report the names of the beneficial owners to FinCEN using Form 8300 within 30 days of the closing of the transaction.
The IRS requires Form 8300, Report of Cash Payments over $10,000 Received in a Trade or Business, to be filed by any persons who receive more than $10,000 in cash, including a number of monetary instruments such as cashier's checks and money orders, while conducting their trade or business, whether in a single transaction or a series of related transactions.
Bale, the IRS said, intentionally disregarded its obligation to file a Form 8300 each time it received more than $10,000 in cash from a customer.
The vendor might well suggest you paid just under US$10,000 in cash and charged US$1,000 on a credit card, so avoiding the requirement to file IRS Form 8300, which applies to all cash deals of US$10,000 or more.
When Mazur concluded his presentation, he was flooded with questions from the audience about identifying money laundering risks, recognizing "red flags," and IRS Form 8300 filings.
Federal law moved beyond the financial services industry in 1984, when Congress amended the Internal Revenue Code to require anyone engaged in a trade or business to file Form 8300 whenever they receive $10,000 in cash in a single transaction or several related transactions.
Disclosure of Form 8300 information on cash transactions: The bill allows Form 8300 information on cash transactions to be disclosed for either civil or criminal enforcement or regulatory purposes in the same manner as Currency Transaction Reports filed by financial institutions under the Bank Secrecy Act.
The IRS efforts were in response to concerns that businesses were not complying with rules requiring them to file a Form 8300 "Report of Cash Payments Over $10,000 Received in a Trade or Business" when they received more than $10,000 in cash from a customer.
On August 15, 1994, Hale pled guilty to two counts of Structuring Financial Transactions and one count of Aiding in the Filing of a False Form 8300, Report of Currency Received in Trade or Business.