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The law requires trades and businesses to 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.
Form 8300, Report of Cash Transactions over $10,000: When a business receives a cash payment of more than $10,000 from one transaction (or two or more related transactions), it must file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business within 15 days after they receive the cash. This type of transaction is also called a “designated reporting transaction.”
Who must file
A "person" who must file Form 8300 includes an individual, company, corporation, partnership, association, trust or estate.
You must file Form 8300 electronically with FinCEN, or in paper-form with the IRS, if any part of the transaction occurs within any of the 50 states, the District of Columbia or a U.S. possession or territory (American Samoa, The Commonwealth of the Northern Mariana Islands, Guam, Puerto Rico and the U.S. Virgin Islands).
A business must also provide a written statement to each person or customer named on any Form 8300 that is filed. The statement must be provided to the customer no later than January 31 of the following year.
For the purposes of this rule, “cash” includes the coins and currency of the United States, cashier’s checks, bank drafts, traveler’s checks, as well as cash in a foreign currency.
“Cash” does not include bank wire transfers, credit card transactions, ACH transactions, or amounts paid with personal checks.
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