Has your business ever received a large cash payment, and you wondered what your obligations were for reporting that payment? Generally, any individual, company, corporation, partnership, etc. in a trade or business who receives more than $10,000 in cash, whether in a single transaction or in two or more related transactions, must file Form 8300, Report of Cash Payments Over $10,000 Received in Trade or Business. The form will only be required for transactions that occur within the U.S. or U.S. Territories. However, you don’t have to file Form 8300 if the transaction isn’t related to your business. For example, if you own an automobile dealership and you sell your personal automobile for more than $10,000 in cash, you wouldn’t have to file a Form 8300 for this transaction.
If you’re required to file this form with the IRS, you must do so no later than 15 days after the cash transaction date. The form can be electronically filed or mailed. In addition to the filing with the IRS, you must furnish a written statement to each person involved in the transaction by January 31st of the following year.
If you need more information about this filing requirement or help with preparing this form, please contact us.