Irs Publication 1544 - Reporting Cash Payments - 2012
ADVERTISEMENT
1
2
3
4
5
6Publication 1544
What's New
(Rev. September 2012)
Future developments. For the latest informa
Cat. No. 12696A
tion about developments related to Publication
Department
1544, such as legislation enacted after it was
Reporting Cash
of the
published, go to
Treasury
Amending a report. You can amend a prior
Internal
Payments of
report by checking box 1a at the top of Form
Revenue
8300. See Amending a report, later.
Service
Over $10,000
Introduction
If, in a 12month period, you receive more than
$10,000 in cash from one buyer as a result of a
(Received in a
transaction in your trade or business, you must
report it to the Internal Revenue Service (IRS)
and the Financial Crimes Enforcement Network
Trade or Business)
(FinCEN) on Form 8300, Report of Cash Pay
ments Over $10,000 Received in a Trade or
Business.
This publication explains why, when, and
where to report these cash payments. It also
discusses the substantial penalties for not re
porting them.
Some organizations do not have to file Form
8300, including financial institutions who must
file FinCEN Form 104 (formerly Form 4789),
Currency Transaction Report, and casinos who
must file FinCEN Form 103 (formerly Form
8362), Currency Transaction Report by Casi
nos. They are not discussed in this publication.
This publication explains key issues and
terms related to Form 8300. You should also
read the instructions attached to the form. They
explain what to enter on each line.
Why Report
These Payments?
Drug dealers and smugglers often use large
cash payments to “launder” money from illegal
activities. Laundering means converting “dirty”
or illegallygained money to “clean” money.
The government can often trace this laun
dered money through the payments you report.
Laws passed by Congress require you to report
these payments. Your compliance with these
laws provides valuable information that can
stop those who evade taxes and those who
profit from the drug trade and other criminal ac
tivities.
The USA PATRIOT Act of 2001 increased
the scope of these laws to help trace funds
used for terrorism.
Who Must
File Form 8300?
Generally, any person in a trade or business
who receives more than $10,000 in cash in a
single transaction or in related transactions
must file Form 8300.
For example, you may have to file Form
Get forms and other Information
8300 if you are a dealer in jewelry, furniture,
faster and easier by:
boats, aircraft, or automobiles; a pawnbroker;
an attorney; a real estate broker; an insurance
Internet
IRS.gov
company; or a travel agency. Special rules for
Sep 21, 2012
ADVERTISEMENT
0 votes
Related Articles
Related forms
Related Categories
Parent category: Financial