What is IRS Form 8300?
IRS Form 8300 is used to report business transactions over $10,000 made in cash; do not file this form for checks or credit card transactions. It must be filed by the recipient of the money within 15 days of the transaction. Information about the payer, payee, and the business receiving the money must be provided, including the Taxpayer Identification Number for all parties. However, the form does not need to be filed is money is transferred for non-business reasons. Some businesses who routinely deal with sums above $10,000, including casinos and financial institutions, have their separate forms, and should not file form 8300. You must file this form with the IRS, and provide a copy to all parties involved, otherwise you could face a penalty of at least $25,000.
