Taxpayers must file Form 8300 with the IRS within 15 days of receiving cash payments over $10,000. The reporting requirement covers not just cash but other types of payments, including some checks and money orders and sales of property such as cars and paintings.

The reporting requirements are part of the government's anti-money laundering efforts. Not filing Form 8300 or failing to file it on time can trigger a range of penalties, including fines.

Does Form 8300 Only Apply to Single Cash Transactions Over $10,000?

Taxpayers must file Form 8300 not only for a single cash transaction totaling over $10,000 but also for multiple, related transactions that add up to at least $10,000. This includes installment payments and payments made over the course of a year.

In addition, Form 8300 covers more than actual cash. Taxpayers must file Form 8300 for transactions over $10,000 involving not only cash (both U.S. and foreign currencies) but also certain types of checks, money orders, and bank drafts.

Not all checks trigger the reporting requirements. Taxpayers aren't required to report personal checks, regardless of the amount.

In addition, any cashier's check, bank draft, traveler's check, or money order that alone totals more than $10,000 doesn't fall under the reporting requirements. In comparison, a check worth less than $10,000 that, when combined with other payments, is over $10,000, does require Form 8300.

That payments occurred in multiple transactions and in multiple forms of payment doesn't reduce the need for Form 8300. If anything, these types of transactions make the need for Form 8300 all the more important to avoid the appearance of questionable conduct.

Is There a Deadline for Filing Form 8300?

Taxpayers have 15 days to file Form 8300 once a payment is made. If the fifteenth day falls on a weekend or holiday, the deadline is the next business day. If Form 8300 isn't filed by the deadline, taxpayers must write “LATE” on the form.

When a transaction involves multiple, related payments, the deadline begins with the payment that pushes the total over $10,000.

Failing to report any transactions over $10,000 doesn't hide them from the IRS. Banks and other financial institutions have separate reporting requirements. That a taxpayer hasn't reported a transaction doesn't mean the IRS is unaware of it.

If you have questions about Form 8300 and reporting cash transactions, call Senior Partner, Tax Controversy Attorney, and former IRS attorney Brandon A. Keim at (602) 200-7399 or contact him online to discuss your options.