Filing Form 8300 for Deposits over $10,000

All you need to know about filing a Form 8300 for single or multiple deposit over $10,000.

Where to find the form: https://www.irs.gov/pub/irs-pdf/f8300.pdf

When Does a Form 8300 Need to be Filed?

Trades and businesses must report cash payments received if all of the following criteria are met:

The amount of cash is more than $10,000
The business receives the cash as:
One lump sum of more than $10,000, or
Installment payments that cause the total cash received within one year of the
initial payment to total more than $10,000, or
Previously unreported payments that cause the total cash received within a
12-month period to total more than $10,000
The establishment receives the cash in the ordinary course of a trade or business
The same agent or buyer provides the cash
The business receives the cash in a single transaction or in related transactions

Cash includes the coins and currency of the United States and a foreign country. Cash may also include cashier’s checks, bank drafts, traveler’s checks, and money orders with a face value of $10,000 or less, if the business receives the instrument in:

A designated reporting transaction, or
Any transaction in which the business knows the customer is trying to avoid reporting of the transaction on Form 8300.

Cash does not include:

Personal checks drawn on the account of the writer.
A cashier’s check, bank draft, traveler’s check or money order with a face value of more than $10,000.

Where to File Form 8300

Businesses can file Form 8300 electronically using the Bank Secrecy Act (BSA) Electronic Filing (E-Filing) System. E-filing is free, and is a quick and secure way for individuals to file their Form 8300s. Businesses can also mail the Form 8300 to the IRS at:

IRS Detroit Computing Center

P.O. Box 32621

Detroit, MI 48232

Required Written Statement for Customers

When a business is required to file a Form 8300, the law requires the business to provide a written statement to each person(s) named on Form 8300 to notify them that the business has filed the form. This requirement to provide a written statement does not apply with respect to a Form 8300 filed voluntarily, including a Form 8300 to report a suspicious transaction involving less than $10,000.

The statement must include the following information:

The name and address of the cash recipient’s business,
Name and telephone number of a contact person for the business,
The total amount of reportable cash received in a 12-month period, and
A statement that the cash recipient is reporting the information to the IRS.

The code and regulations only specify the information that the business is required to include on a statement, not the format of the statement. A business may use its invoice for the statement of notification, as long as the invoice includes all required information.

Providing a copy of Form 8300 to the payer(s), although not prohibited, is not advisable due to the sensitive information contained on the form, for example, the Employer Identification Number (commonly called an EIN) or SSN of the filer.

The business filing Form 8300 must provide its identified customers with the written statement on or before Jan. 31 of the year that immediately follows the year the customer made the cash payment.

Recordkeeping

A business should keep a copy of every Form 8300 it files, and the required statement it sent to customers, for at least five years from the date filed.

For more information, see:

https://www.irs.gov/businesses/small-businesses-self-employed/irs-form-8300-reference-guide