currency transaction report who must ile

Contact us with any questions or for assistance.Generally, any person in a trade or business who receives more than $10,000 in cash in a single transaction or related transactions must complete a Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business PDF. Interested businesses can also call the BSA E-Filing Help Desk at 86 (Monday through Friday from 8 am to 6 pm EST). For more information, visit the BSA E-Filing Systems website. To file Form 8300 electronically, a business must set up an account with FinCEN’s Bank Secrecy Act E-Filing System. This is especially helpful to those required to file many forms. The IRS also reminds businesses that they can “batch file” their reports.

Businesses that file electronically get an automatic acknowledgment of receipt when they file. The form is due 15 days after a transaction and there’s no charge for the e-file option. Options for Filingīusinesses required to file reports of large cash transactions on Form 8300 should know that in addition to filing on paper, e-filing is an option. Note: Under a separate reporting requirement, banks and other financial institutions report cash purchases of cashier’s checks, treasurer’s checks and/or bank checks, bank drafts, traveler’s checks and money orders with a face value of more than $10,000 by filing currency transaction reports. Money orders and cashier’s checks under $10,000, when used in combination with other forms of cash for a single transaction that exceeds $10,000, are defined as cash for Form 8300 reporting purposes. It also includes cash equivalents such as cashier’s checks (sometimes called bank checks), bank drafts, traveler’s checks and money orders. currency and coins, as well as foreign money. “Cash” and “Cash Equivalents” Definedįor Form 8300 reporting purposes, cash includes U.S. Contact us if you have questions related to form retention. It’s important to keep a copy of each Form 8300 for five years from the date you file it, according to the IRS.

The government can often trace money from these illegal activities through the payments reported on Form 8300 and other cash reporting forms.” Reasons Behind the ReportingĪlthough many cash transactions are legitimate, the IRS explains that “information reported on (Form 8300) can help stop those who evade taxes, profit from the drug trade, engage in terrorist financing and conduct other criminal activities.

This includes a Social Security or taxpayer identification number. To complete a Form 8300, you’ll need certain information about the person making the payment. But transactions that occur in a greater than 24-hour period may also be deemed related if the recipient knows, or has reason to know, that the transactions are connected. What constitutes “related transactions?” Related transactions are conducted in a 24-hour period. The RequirementsĮach person who, while operating a trade or business, receives more than $10,000 in cash in one transaction (or at least two related transactions), must file Form 8300. If your business receives large amounts of cash or cash equivalents, you may be required to report these transactions to the IRS.

Currency transaction report who must ile