What does the IRS do with form 8300?
The Form 8300, Report of Cash Payments Over $10,000 in a Trade or Business, provides valuable information to the Internal Revenue Service and the Financial Crimes Enforcement Network (FinCEN) in their efforts to combat money laundering.
How do I avoid IRS Form 8300?
Here are five suggestions to keep you out of your local IRS auditor’s office.
- File Online. The IRS has capabilities for you to file Form 8300 online.
- Keep Copies for Five Years.
- You Must File Within 15 Days of Receiving the Money.
- Create and Send Customer Statements.
- Understand Which Transactions Count.
Who files IRS Form 8300?
Generally, any person in a trade or business who receives more than $10,000 in cash in a single transaction or in related transactions must file a Form 8300. By law, a “person” is an individual, company, corporation, partnership, association, trust or estate.
Should I worry about form 8300?
The government doesn’t recommend using a copy of Form 8300 because of sensitive information on the form, such as the TIN of the person filing the Form 8300. A person may voluntarily file Form 8300 to report a suspicious transaction below $10,000.
Can I wire $10000?
It’s important to know that wire transfers, both domestic and international, are subject to bank scrutiny. Banks must report all wire transfers over $10,000 using a Currency Transaction Report (CTR) and submit it to the Financial Crimes Enforcement Network (FinCEN).
What happens if I deposit 10000 cash?
If a customer deposits physical currency of A$10,000 or more (or the foreign currency equivalent) directly into your bank account (rather than paying you in cash), you do not have to submit a TTR. It is the responsibility of the financial institution that accepts the cash to report it to AUSTRAC.
What happens if you don’t file an 8300?
Deliberately failing to file the form carries a much higher financial cost. The IRS imposes a penalty of $25,000 or the actual amount of the transaction up to $100,000 for each occurrence, whichever is greater. There is no annual limit for intentionally failing to file form 8300.
