Generally, if you are in a trade or business and receive more than $10,000 in cash in a single or related transactions, you must file Form 8300.
Form 8300, Reporting Cash Payments Over $10,000 in a Trade or Business, provides valuable information to the Internal Revenue Service and the Financial Crimes Control Network (FINCE) in their efforts to combat money laundering. the money is “laundered” to hide illegal activities, including crimes that generate the money itself, such as drug trafficking, tax evasion, and terrorist financing.
who should file
A “person” who must file Form 8300 includes an individual, company, corporation, partnership, association, trust, or estate.
you must file form 8300 with the irs if any part of the transaction occurs within any of the 50 states, the district of columbia, or a us state. possession or territory (American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, Puerto Rico, and the United States Virgin Islands).
when to file
You must file Form 8300 no later than the 15th day after the date the cash transaction was made.
In addition to filing Form 8300, you must also provide a written statement to each party whose name you listed on Form 8300 by January 31 of the year following the reportable transaction. This statement must include your company’s name, address, contact person, and phone number and the total amount of reportable cash. The return must also indicate that you provided this information to the IRS.
Civil and criminal penalties may apply if you fail to file Form 8300 and fail to provide a written statement to each person named on Form 8300. Penalty amounts are adjusted annually for inflation.
how to present
Electronic Filing. Electronic filing is a free, fast, and secure method of filing Form 8300s. You can electronically file Forms 8300 using FinCen’s BSA eFiling system. You will receive an electronic acknowledgment of receipt of each shipment. For more information on electronic filing of Form 8300, see the FinCen press release announcing electronic filing.
Beginning April 8, 2019, Form 8300 filers have the option to batch file their reports instead of filing discreetly. Batch filing is for businesses that file a large number of 8300 forms at once. the bsa e-filing system includes batch processing functionality in xml format. Find more information about batch filing in Hot Topics and Quick Links on the BSA E-Filing System, including:
- fincen announcement on xml batching for fincen form 8300.
- technical webinar on xml 8300 batching and
- form requirements xml presentation of fincen 8300.
file by mail. You can mail Form 8300 to the IRS at: Detroit Federal Building, P.O. box 32621, detroit, michigan 48232.
Regardless of whether you file electronically or on paper, you must file a complete and accurate form on a timely basis.
form 8300 resources
- irs form 8300 reference guide
- questions and answers for motor vehicle dealers
- ir-2020-168, the irs reminds businesses that file cash transaction reports on the electronic filing option; batch filing is now available
- fs-2020-11, reporting cash transactions helps the government fight criminal activity
- publication 1544, reporting cash payments over $10,000
- publication 1544, reporting cash payments in excess of $10,000
contact us
Can’t find the answer to your question in the online information? contact us.
get form 8300
or get form 8300 online at irs.gov