Reports of Cash Payments Over $10,000 Received in a Trade or Business.

accoutning firms09/27/2012

Reports of Cash Payments Over $10,000 Received in a Trade or Business.
Each person who is engaged in a trade or business that, in the course of that trade or business, receives more than $10,000 in cash in one transaction or in two or more related transactions, must file Form 8300, Reports of Cash Payments Over $10,000 Received in a Trade or Business.
The Financial Crimes Enforcement Network (FinCEN) announced that Form 8300, can now be electronically filed using the Bank Secrecy Act (BSA) Electronic Filing System.
The types of businesses that are most likely to be affected by this act include car dealers, boat dealers and art and collectible merchants.
Form 8300 may also be filed voluntarily for any suspicious transaction, even if the total amount does not exceed $10,000.