James D. Lynch
Cash Transactions of More Than $10,000 Must Be Reported to the IRS
Has your business ever received a large cash 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 Form 8300 provides valuable information to the Internal Revenue Service 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 used to hide proceeds from various criminal activities such as terrorist financing or drug dealing.
If you are required to file Form 8300, you must do so by the 15th day after the date the cash transaction occurred. A person can file Form 8300 electronically or by mailing the form to the IRS.