Home » IRS » CASH REPORTING » Did You Know That You Must Report Cash Payments Received of Over $10,000 To The IRS?

Did You Know That You Must Report Cash Payments Received of Over $10,000 To The IRS?

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Is Your Business Filing the Proper Cash Transaction Forms?
Has your business ever received a large cash payment, and you were not quite sure what your reporting obligations were regarding that large payment? The general rule is that you must file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, if your business receives more than $10,000 in cash from one buyer as a result of a single transaction or two or more related transactions.
The information provided by Form 8300 provides valuable information to the Internal Revenue Service (IRS) and the Financial Crimes Enforcement Network (FinCEN) in their efforts to combat money laundering. This is an important effort, since money laundering is a tool that assists many individuals who participate in various criminal activities, ranging from tax evasion to terrorist financing to drug dealing, to hide the proceeds from their illegal activities.
Filing Form 8300
If you are required to file Form 8300 for a transaction, you must do so by the 15th day after the date the cash transaction occurs. Meeting the proper filing requirements is very important, since there are potential civil and criminal penalties for failure to file Form 8300.
Form 8300 Scam
Make sure your business does not fall victim to any of the false claims circulating in some areas where an individual claims that he or she can exempt your business from the Form 8300 filing requirements. The law does not provide such an exemption.
Additional information
You can obtain copies of IRS/FinCEN Form 8300 in English or Spanish by:
Calling the IRS forms line at 1-800-829-3676
Visiting the IRS.gov website or
Visiting the FinCEN website
To learn more about why, when, and where to file Form 8300, you can order Publication 1544, Reporting Cash Payments of Over $10,000 (Received in a Trade or Business). The publication also explains key issues and terms related to Form 8300. You can order this publication in English or Spanish by:
Calling the IRS forms line at 1-800-829-3676 or
Visiting the IRS.gov website
You can send questions regarding Form 8300 to 8300QUESTIONS@IRS.GOV.
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