IRS Form 8300
IRS Form 8300. IRS Form 8300 is a report a U.S. business is required to file when it receives more than $10,000 in cash (or cash equivalents like cashier's checks, money orders, or travelers' checks) in a single transaction or related series of transactions. It is distinct from FinCEN CTR — Form 8300 is the IRS counterpart.
Definition
Form 8300 and FinCEN CTR cover overlapping but not identical territory. Wire transfers from a bank are generally not Form 8300 reportable; cashier's checks and money orders are. Part 142 centers occasionally see payment via cashier's check from foreign customers — and that's when Form 8300 applies. The form is filed with the IRS within 15 days of the triggering transaction, and the customer is notified annually by January 31 of the following year that the report was filed.
When Form 8300 applies vs. CTR
CTR (FinCEN Form 112) is filed by banks on currency transactions ≥$10,000. Form 8300 is filed by businesses on cash and cash-equivalent transactions ≥$10,000 received from customers. A business receiving a $20,000 wire transfer files neither itself (the bank handles CTR); a business receiving a $20,000 cashier's check files Form 8300.
Customer notification
Form 8300 requires the business to notify the customer in writing by January 31 of the year following the report. The notification must include the name, address, and contact info of the business and a statement that the report was filed. Missing the notification is a separate penalty.
Retention
5-year retention for the form and supporting documentation. The form itself filed electronically through the BSA E-Filing System.
See also
- BSA / FinCEN CTR — FinCEN CTR
- OFAC compliance — OFAC
Roffik's take
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