Understand that civil and criminal penalties may be applicable for noncompliance.Determine how and when businesses should report payments.Determine what transactions a business must report.When businesses comply with the reporting laws they provide authorities with an audit trail to investigate possible tax evasion, drug dealing, terrorist financing and other criminal activities. The information contained in the form assists law enforcement in its anti-money laundering efforts. Transactions that require Form 8300 include, but are not limited to: The law requires that trades and businesses report cash payments of more than $10,000 to the federal government by filing IRS/FinCEN Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business PDF.
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June 2023
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