Everything You Need to Know About Form 8300

What is Form 8300?
Form 8300 is a mandatory IRS and FinCEN filing that records large cash transactions to ensure transparency and compliance with federal law.
It tracks payments made in cash, cashier’s checks, bank drafts, traveler’s checks, or money orders totaling over $10,000 within a 12-month period.

Who Must File Form 8300?
Any individual or business receiving more than $10,000 in cash in one or multiple related transactions must file Form 8300. This includes:

• Auto dealers
• Real estate brokers
• Jewelers
• Attorneys
• Construction contractors
• Retailers and service providers

Even non-traditional businesses, such as art dealers or cryptocurrency exchangers handling physical cash, may be required to report.

Why It Matters
Form 8300 ensures financial transparency and helps identify suspicious activity involving large sums of cash.
Failure to file can result in severe civil and criminal penalties, including fines and potential investigation by the IRS or FinCEN.

Key Information Required
When completing Form 8300, you’ll need to provide:

• Full details of the payer: Name, address, taxpayer identification number (TIN).
• Business details: Employer Identification Number (EIN), name, and address.
• Transaction details: Date, amount, and method of payment.
• Description of the transaction: Goods or services purchased.

Filing Deadlines
Form 8300 must be filed within 15 days after receiving a cash payment over $10,000.
You must also notify the payer in writing by January 31 of the following year that you reported the payment to the IRS.