Form 8300 Audit

Form 8300 Audit? Learn More.

Through various documents which report a person’s income and revenue, the IRS ensures that Americans are paying their due taxes to the US government. While many people are informed about common tax forms such as the W‐2 which records income gained through wages or the 1099 which documents non‐wage income, there are other forms which the public is less familiar with, such as Form 8300.

Under the law of the federal government, a person or business which receives over $10,000 in a transaction is required to file a Form 8300 within 15 days of receiving the amount. While Form 8300 may seem simple, there are many small, but significant details which are important to understand. Form 8300 must be filed if the transaction is within the ordinary course of business, whether the cash is received in one transaction or in transactions which are related. Businesses must report payments received of more than $10,000 on Form 8300 whether it is one lump sum, installations of payments received in one year which total more than $10,000, or previously unreported payments within a 12 month period that cause the total cash received to be greater than $10,000.

Are you facing a Form 8300 Audit?

The IRS has become more aggressive in its monitoring of Form 8300 cash reporting.

Don't Fight The IRS Alone! Federal law requires individuals or businesses receiving more than $10,000 in a single cash transaction or in two or more related transactions within a 12-month period to file Form 8300 within 15 days of receipt.

Information from Form 8300 is added to the Financial Crimes Enforcement Network (FinCEN) database. The information is then cross-referenced with other FinCEN information, such as Suspicious Activity Reports and Currency Transaction. They use this information to trace possible criminal activity.

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