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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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.
The evidence also showed that TURANO purposely did not file an IRS Form 8300, which is required to be filed by a business that engages in a cash sale of over $10,000, for the sale of the Mercedes Benz.
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.
If more than $10,000 in cash or certain cashlike monetary instruments (such as money orders) is received in the course of business, the recipient must file form 8300 with the IRS within 15 days of the transaction and must supply a statement to the payer by January 31 of the following year.
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.
The fines stem from an IRS audit of Bale's compliance with the Form 8300 requirement, which car dealerships are supposed to file when they receive more than $10,000 in cash from a customer, according to Bale's lawsuit, filed in U.
FinEN noted that "as a non-financial trade or business, travel agencies are required to report on Form 8300 the receipt of over US$10,000 in currency and certain monetary instruments" and would also have fraud protection procedures in place but said it sought consultations to determine the nature and scale of any AML regulations which may go beyond that.
Gorton of one count of obstruction of justice, two counts of false statements, and two counts of failing to file Form 8300 with the Internal Revenue Service.
6050I states that any person engaged in a trade or business who receives more than $10,000 in cash in a single transaction must file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, within 15 days of the date of the transaction.