What is the IRS Form 8300?
The law requires that trades and businesses report cash payments of more than $10,000 to the federal government by filing IRS/FinCEN Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business. Transactions that require Form 8300 include, but are not limited to:
Does a wire transfer constitute cash for Form 8300 reporting purposes?
He pays with $4,000 in currency and wires $15,000 from his bank account to the dealerships bank account. A wire transfer does not constitute cash for Form 8300 reporting purposes, since the remaining cash remitted to ABC Auto Dealers was below $10,000 the dealer has no filing requirement.
Does a dealership have to file Form 8300?
The dealership is not required to file a Form 8300 if the additional transactions are not part of the original sales contract and the customer has no additional legal obligation to make such additional transactions. Taxpayer Identification Number (TIN) A business must obtain the correct TIN of the person (s) from whom they receive the cash.
What is the thin design of the stf-8300?
Thin design – adds only 20mm backfocus (Total backfocus for STF-8300 with FW8-8300 is 38mm). Allows the use of an optional Nikon lens adapter with the filter wheel.
Can a business report multiple payments on one Form 8300?
If a business must file Form 8300 and the same customer makes additional payments within the 15 days before the business must file Form 8300, the business can report all the payments on one form. Example: On January 10, a customer makes a cash payment of $11,000 to a business.
Do I need to file Form 8300 with Mr Jones?
Otto’s Farming Equipment Leasing received more than $10,000 from Mr. Jones in 2015 and 2016, so notification statements to Mr. Jones are required by January 31, 2016, and January 31, 2017, respectively. Setting up, helping to set up, or trying to set up a transaction in a way that would make it seem unnecessary to file Form 8300.