A tax time reminder the Internal Revenue Service ("IRS") prefers businesses to complete their responsibility to file Form 8300, Report of Cash Payments Over $10,000, and encourages e-filing to help them file accurate, complete forms.
Although many cash transactions are legitimate, information reported on Form 8300 can help stop those who evade taxes, profit from drug trading, engage in terrorist financing and conduct other criminal activities. The government can often trace money from these illegal activities through payments reported on complete, accurate forms.
To help businesses prepare and file reports, the IRS created a video on How to Complete Form 8300 – Part I, Part II. The short video points out sections of Form 8300 for which the IRS commonly finds mistakes and explains how to accurately complete those sections.
Also, the IRS encourages businesses to electronically file completed forms. Although they have the option of filing Form 8300 on paper, electronic filing is more accurate and reduces the need for follow-up correspondence with the IRS.
Many businesses have already found the free and secure e-filing system is a more convenient and cost-effective way to meet the reporting deadline of 15 days after a transaction. They get free, automatic acknowledgment of receipt when they file. And, businesses can batch file their reports, which is especially helpful to those required to file many forms.
For assistance with large cash transaction reporting or other tax needs, please contact the Tax Attorneys at Fazzio Law Offices, we're in your corner!
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