IRS Form 8300

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How many forms does the IRS actually have? Does anyone at the IRS know? I’d love to know the answer to that question. If you are reading this you probably know the IRS Form 8300 is used to Report Cash Payments over $10,000 Received in a Trade or Business.

We wanted to take a minute and break the form down for our readers into simple bites.

Who must file 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.

What is cash? For Form 8300 reporting, cash includes coins and currency of the United States or any foreign country. It’s also cash equivalents that include cashier’s checks (sometimes called a treasurer’s check or bank check), bank drafts, traveler’s checks or money orders with a face amount of $10,000 or less that a person receives for:

1. A designated reporting transaction or

  • A designated reporting transaction is the retail sale of tangible personal property that’s generally suited for personal use, expected to last at least one year and has a sales price of more than $10,000. Examples are sales of automobiles, jewelry, mobile homes and furniture.
  • A designated reporting transaction is also the sale of a collectible, such as a work of art, rug, antique, metal, stamp or coin. It’s also the sale of travel and entertainment, if the total price of all items for the same trip or entertainment event is more than $10,000.

2. Any transaction in which the person knows the payer is trying to avoid the reporting requirement.

Note that money orders and cashiers checks under $10,000, when used in combination with other forms of cash for a single transaction that exceeds $10,000, is defined as cash for Form 8300 reporting purposes.

When must a “person” file a Form 8300? If they receive cash of more than $10,000 from the same payer or agent:

  • In one lump sum.
  • In two or more related payments within 24 hours. For example, 24-hour period is 11 a.m. Tuesday to 11 a.m. Wednesday.
  • As part of a single transaction or two or more related transactions within a 12 month period

Additionally, A person must file Form 8300 within 15 days after the date the person received the cash. If a person receives multiple payments toward a single transaction or two or more related transactions, the person should file Form 8300 when the total amount paid exceeds $10,000. Each time payments aggregate more than $10,000, the person must file another Form 8300.

Need more detail on Form 8300, filing, and examples to consider, visit the IRS FORM 8300 Reference Guide.

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Gary DeHart has worked in media for more than 25 years and has been instrumental in developing new revenue streams and business opportunities for the companies he has worked for. Prior to launching Insightful Accountant (formerly Intuitive Accountant), Gary was the Associate Publisher of Accounting Today. Prior to working in media serving the public accounting market, he worked in media for employee benefit managers and brokers, automotive design, textile manufacturing and recreational boating. In addition to being the Publisher and Managing Partner of Insightful Accountant, Gary works with select clients within the accounting market on channel development and growth. He is an Assistant Scoutmaster with the Boy Scouts of America, enjoys fly fishing, time on the beach, cooking on the Big Green Egg and spending time with his family.