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Jan29

8300 rule

Categories // Dealer Alerts, Dealer Alerts

We have received several inquiries on combination issues, cash plus cashier's checks and travelers checks.  Remember, if cash less than $10,000 is combined with cashier's checks or travelers checks less then $10,000 and the total comes to greater than $10,000, you must file an 8300.  
 
Don't forget to check your cash receipts weekly since 8300 forms need to be submitted with 15 days.  8300 forms are available HERE.
 
From the IRS...

Cash Includes

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 (as defined below), 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

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.

When a customer uses currency of more than $10,000 to purchase a monetary instrument, the financial institution issuing the cashier’s check, bank draft, traveler’s check or money order is required to report the transaction by filing the FinCEN Currency Transaction Report (CTR).

 

8300 form online

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