#Currency transaction report who update

Dealership-Specific Questions A customer purchased a vehicle for $9,000 cash. persons who have the obligation to file Form 8300 and for tax professionals who prepare and file Form 8300 on behalf of their clients. This guide’s purpose is to educate and assist U.S. To learn more about the why, when and where to file Form 8300: IRS Form 8300 Reference Guide is now available on IRS.gov.

#Currency transaction report who update

As we receive additional questions that need to be addressed, we will update this document as appropriate. In pursuit of that goal, we have compiled a list of dealership-specific questions and answers.

The Motor Vehicle Technical Advisor Program in conjunction with IRS specialists on money laundering would like to assist dealers in their compliance with the filing requirements of Form 8300. Although the cash reporting requirements apply to many types of businesses, auto dealerships frequently receive cash in excess of $10,000 and are required to comply with the filing requirements. Form 8300 is a joint form issued by the IRS and the Financial Crimes Enforcement Network (FinCEN) and is used by the government to track individuals that evade taxes and those who profit from criminal activities. Generally, any person in a trade or business who receives more than $10,000 in cash in a single transaction or related transactions must complete a Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business PDF.