Form 8300 and Reporting Cash Payments of Over $10,000

Generally, if you're in a trade or business and receive more than $10,000 in cash in a single transaction or in related transactions, you must file Form 8300.

The Form 8300, Report of Cash Payments Over $10,000 in a Trade or Business, provides valuable information to the Internal Revenue Service and the Financial Crimes Enforcement Network (FinCEN) in their efforts to combat money laundering. Money is "laundered" to conceal illegal activity, including the crimes that generate the money itself, such as drug trafficking, tax evasion and terrorist financing.

Who Must File

A "person" who must file Form 8300 includes an individual, company, corporation, partnership, association, trust or estate.

You must file Form 8300 with the IRS if any part of the transaction occurs within any of the 50 states, the District of Columbia or a U.S. possession or territory (American Samoa, The Commonwealth of the Northern Mariana Islands, Guam, Puerto Rico and the U.S. Virgin Islands).

When to File

You must file Form 8300 by the 15^th day after the date the cash transaction occurred.

Besides filing Form 8300, you also need to provide a written statement to each party whose name you included on the Form 8300 by January 31 of the year following the reportable transaction. This statement must include the name, address, contact person and telephone number of your business and the aggregate amount of reportable cash. The statement must also indicate that you provided this information to the IRS.

Civil and criminal penalties may apply if you fail to file Form 8300 and provide a written statement to each person named on Form 8300. Penalty amounts are adjusted annually for inflation.

How to File

Electronic filing. E-filing is a free, quick, and secure method for filing Forms 8300. You may electronically file Forms 8300 using FinCEN's BSA E-Filing System. You'll receive an electronic acknowledgement of each submission. For more information about Form 8300 e-filing, see the FinCEN news release announcing electronic filing.

Effective April 8, 2019, Form 8300 filers have the option to batch file their reports as opposed to discrete filing. Batch filing is for businesses that file a high number of Forms 8300 at a time. The BSA E-Filing System includes batch processing functionality in XML format. Find more information on batch filing in hot topics and quick links on the BSA E-Filing System, including:

• FinCEN's announcement of XML batch processing for FinCEN Form 8300.
• 8300 XML batch processing technical webinar and
• FinCEN 8300 XML filing requirements.

File by mail. You may mail Form 8300 to the IRS at: Detroit Federal Building, P.O. Box 32621, Detroit, Michigan 48232.

Regardless of whether you file electronically or on paper, you must timely file a complete and accurate form.

Form 8300 Resources

• IRS Form 8300 Reference Guide
• Motor Vehicle Dealership Q&As
• IR-2020-168, IRS reminds businesses filing cash transaction reports about e-file option; batch filing now available
• FS-2020-11, Reporting cash transactions helps government combat criminal activities
• Publication 1544, Reporting Cash Payments of Over $10,000
• Publicación 1544 (SP), Informe de Pagos en Efectivo en Exceso de $10,000 (in Spanish)

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