FAQs for Indian Tribal Governments regarding Non-Casino Cash Transactions Over $10,000 - Form 8300


These frequently asked questions and answers are provided for general information only and should not be cited as any type of legal authority. They are designed to provide the user with information required to respond to general inquiries. Due to the uniqueness and complexities of Indian law and Federal tax law, it is imperative to ensure a full understanding of the specific question presented, and to perform the requisite research to ensure a correct response is provided.

1. What is IRC Section 6050I?

IRC Section 6050I requires that any person engaged in a trade or business that receives cash in excess of $10,000 in a single transaction or in related transactions must file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or BusinessPDF.

2. What is a related transaction?

Any transactions between a buyer (or an agent of the buyer) and a seller that occur within a 24-hour period are related transactions. If you receive over $10,000 in cash during two or more transactions with one buyer in a 24-hour period, you must treat the transactions as one transaction and report the payments on Form 8300PDF.

3. What are the filing requirements for Form 8300?

A required Form 8300PDF must be filed within 15 days after receiving a payment of more than $10,000. If you receive more than $10,000 in additional cash payments from a buyer within a 12-month period on the same transaction (e.g. installment payments), you must file another Form 8300. This includes transactions by casinos with gross annual gaming revenue of $1 million or less, and certain non-gaming related businesses, such as hotel, giftshop, catering/banquet, conference/seminar facilities, etc.

4. Is the filer of Form 8300 required to keep a copy of the filed form?

The filer must keep a copy of every Form 8300PDF that he/she is required to file for five years.