Small business tax help website

Who Has to Fill Out Form 8300?

The IRS tax form 8300 is used to report cash payments of over $10,000 for businesses. If a business receives more than $10,000 in cash, then the business has to fill out the IRS form 8300 and file. For more information on IRS tax form 8300 instructions, see IRS publication 1544. When reporting on the Form 8300, the business is not only reporting to the IRS but also reporting to the Financial Crimes Enforcement Network Service (FinCEN). Filing the form 8300 helps the IRS tracks down laundered money.

What are considered business cash transactions for the purpose of filling out the form 8300?

Cash transactions included in the IRS tax forms include:

  • foreign coin
  • currency
  • certain monetary instruments such as cashier's check and traveler's checks
  • money orders
Is personal check reported on the IRS form 8300?

No. Personal check is not included in cash received reported on the IRS tax form 8300.

How many days to file federal form 8300?

Generally, a business must file the federal tax form 8300 15 days after receiving payment. If the first payment is less than $10,000, then the business can wait until it has received the total of $10,000 then file the federal tax form 8300 within 15 days.

What are the penalties for not filing the IRS tax form 8300?

If a business fails to file the IRS tax form 8300 or the business files a fraudulent form 8300 or fabricates transactions that result in tax evasion, then there are civil and criminal penalties which include up to 5 years in prison. For intentional disregard of filing the IRS form 8300 on time and correctly, the penalty is the larger of:

  • $25,000, or
  • the amount of cash you received and are required to report up to $100,000.

Businesses that fail to file the form 8300 can be fined up to $250,000 and $500,000 for corporations.

IRS tax form 8300