Form 8300, Report of Cash Payments over $10,000 Received in a Trade or Business
Many in small business are unaware of the requirements in this area. In general, any person whom receives greater than $10,000 in cash while engaged in a trade or business must file an information return (Form 8300) with the IRS. The form contains identifying information about both the person paying the cash and the person receiving the cash. It may be easy to run afoul of regulation in this area if you are not aware of these statutes. For example, if you buy and repair cars as a side business and sell them for cash in amounts greater than $10,000 you could be required to file and maintain Form 8300. Penalties for failure to file these forms and maintain records can be severe. Please click here for the IRS Form 8300 Reference Guide If you receive large amounts of currency in your business and want to ensure all your transactions are handled properly contact us and we can assess your internal controls and help ensure you are in compliance. |