Businesses must file Form 8300 with the IRS if they receive more than $10,000 in cash in a single transaction or two related transactions. Casinos also must file Form 8300 for nongaming activities. Keep a copy of the form for 5 years and provide a written or electronic statement to each person listed on the form. Use the comments section if the TIN is missing.
What is Form 8328?
Form 8300 is used to report cash transactions of $10,000 USD or more conducted in the course of a trade or business. This may include receiving cash through a single transaction or multiple related transactions, or receiving cash as bail for certain criminal offenses. Clerks of federal or state courts and casinos must file Form 8300 when cash exceeding $10,000 is received in certain situations. Although the filing is mandatory once the cash threshold is reached, Form 8300 may be filed voluntarily to report suspicious transactions regardless of the amount of money received. When filing Form 8300, traders and businesses must provide the correct taxpayer identification numbers (TIN) of the payer and recipients of the transaction, and must keep a copy of the form for 5 years. Statements must also be given to persons named on Form 8300 by January 31 of the following calendar year. Electronic filings via FinCEN’s Bank Secrecy Act (BSA) Electronic Filing (E-Filing) System are also available.
IRS Form 8328 – Who Needs to Fill It Out?
IRS FORM 8300 must be filed by persons engaged in trade or business if they receipt more than $10,000 in cash in one transaction or related transactions in the course of their trade or business. Courts clerks, casinos (for non-gaming activities), and persons who find a transaction suspicious must also file Form 8300. Transaction occurring outside USA, by financial institutions, or in a transaction not in the course of a business are some exceptions. Form 8300 must be filed within 15 days of the date the cash was received and a statement must be given to each person named on the form by January 31 of the following year. A TIN is required for those to whom cash is received and failure to provide one may incur penalties.
Step-by-Step: Form 8328 Instructions For Filling Out the Document
Filling out Form 8300 is straightforward and easy to do. After determining if the cash received is in a single transaction or related transactions, clerks and persons in business must file the form within 15 days from cash receipt if it exceeds $10,000. Necessary information to be provided in the form includes the taxpayer identification numbers, aggregate amount of reportable cash received and other information. Depending on the circumstances, a single statement may be provided with aggregate Form 8300 amounts. In addition, a written statement is to be given to the persons named in the return, and a copy of the statement should be kept as well. Furthermore, Form 8300 may be filed voluntarily for any suspicious transactions even if it does not exceed $10,000. Finally, if a TIN is missing, the report must be filed with a comment, and penalties may be incurred if the TIN is incorrect.
Below, we present a table that will help you understand how to fill out Form 8300.
| Information Required for Form 8300 | Details |
|---|---|
| Use | Report cash payments over $10,000 received in a trade or business |
| Filing Deadline | File within 15 days from cash receipt if it exceeds $10,000 |
| Information | Provide taxpayer identification numbers, aggregate amount of reportable cash received, and other relevant details |
| Written Statement | Provide a written statement to the persons named in the return and keep a copy for your records |
| Voluntary Filing | Form 8300 may be filed voluntarily for any suspicious transactions even if it does not exceed $10,000 |
| TIN Missing | If a TIN is missing, the report must be filed with a comment, and penalties may be incurred if the TIN is incorrect |
Do You Need to File Form 8328 Each Year?
If you run a business and you receive $10,000 or more in cash in one transaction or in two or more related transactions, you must file form 8300 with the Internal Revenue Service by the 15th day following receipt. You must also keep a copy of the form for 5 years and provide a written or electronic statement to persons named in the form on or before January 31 of the following year with the required information. Multiple payments must be aggregated if the total amount exceeds $10,000 in any 12-month period. Submit a combined report if more than one report is required within 15 days, and include the correct Taxpayer Identification Number (SSN, EIN, or ITIN) of the individuals or businesses involved. Form 8300 may be filed voluntarily for any suspicious transactions, even if the total amount does not exceed $10,000.
Download the official IRS Form 8328 PDF
On the official IRS website, you will find a link to download Form 8328. However, to make it easier for you, we are providing the link in our article, which comes directly from the official irs.gov website! Click to download: Form 8328
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