Note: Failure to file timely includes a failure to file in the required manner. When filing a late Form 8300 on paper you must write "LATE" on the center top of each Form 8300 (). When filing a late Form 8300 electronically you must include the word "LATE" in the comments section of the return. You must file a late Form 8300 in the same way, either electronically or on paper, as a timely filed Form 8300. If you are required to e-file but file by paper and you don't have a waiver or religious exemption, you will be subject to a failure to file penalty. You must include the words "RELIGIOUS EXEMPTION" on the center top of each Form 8300 () when submitting the paper filed returns. If using the technology required to e-file conflicts with your religious beliefs, you are automatically exempt from filing Form 8300 electronically. Note: Waivers for electronic filing are not required when business files less than 10 total information returns other than Forms 8300. You must include the word 'WAIVER' on the center top of each Form 8300 () when submitting the paper filed returns. If the IRS grants you a waiver from electronically filing information returns, the waiver automatically applies to all Forms 8300 for the duration of the calendar year. For more information, refer to Form 8508, Request for Waiver from Filing of Information Returns PDF. You may file a request for a waiver from filing information returns electronically due to undue hardship. Keep in mind, if you're not required to e-file, you can still choose to do so.īusinesses that are not required to file their Forms 8300 electronically that choose to physically mail in their Forms 8300 to the IRS, will send their forms to: The number of Forms 8300 you file does not affect the electronic filing requirement.
However, if you file less than 10 total information returns other than Forms 8300, you're not required to file the information returns electronically and not required to file any Forms 8300 electronically. You must e-file your Forms 8300 if you're required to file at least 10 information returns of one or more type(s) other than Form 8300 during a calendar year.įor example, if you're required to file five Forms W-2 and five Forms 1099-INT, then you're required to file certain other information returns during that year electronically, including any Forms 8300.
#Currency transaction report filing how to#
How to FileĮffective January 1, 2024, you must electronically file (e-file) Forms 8300 if you're required to e-file other information returns, such as Forms 1099 series and Forms W-2. Forms marked as suspicious are also treaded confidentially. IRS highly encourages you to file suspicious activity when identified regardless of the dollar amount. Filing under the threshold is done on a voluntary basis. Forms filed under the dollar threshold are not required to be filed. Keep in mind, when Forms 8300 filed due to suspicious activity that are filed under the $10,000 threshold and box 1b is checked off on the form, the statement is not to be provided to the individuals identified on the form. Penalty amounts are adjusted annually for inflation. Persons who file the required Form 8300 and do not provide a written statement to each person named on Form 8300 are subject to penalties. The statement must also indicate that you provided this information to the IRS. You must file Form 8300 within 15 days after the date the cash transaction occurred.īesides 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. Electronic filing mandate starting January 1, 2024. possession or territory (American Samoa, The Commonwealth of the Northern Mariana Islands, Guam, Puerto Rico and the U.S. You must file Form 8300 electronically with FinCEN, or in paper-form with the IRS, if any part of the transaction occurs within any of the 50 states, the District of Columbia or a U.S.
Who Must FileĪ "person" who must file Form 8300 includes an individual, company, corporation, partnership, association, trust or estate. Money is "laundered" to conceal illegal activity, including the crimes that generate the money itself, such as drug trafficking, tax evasion and terrorist financing. 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. 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.
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