IRS 8300 for Managers Training Course

What exactly is considered “Cash” when determining the $10,000 limit?

Cash includes US and foreign currency plus certain monetary instruments like cashier's checks, bank drafts, traveler's checks, or money orders, if their face value is $10,000 or less. Personal checks or wire transfers are not considered cash for this rule.

If a customer pays in installments, when does the 15-day clock start?

The 15-day filing deadline starts when the total cumulative cash received in a transaction or related transactions exceeds $10,000. Any later payment that puts the total over the limit triggers the clock, and you must report the full amount.

What should I do if a customer refuses to provide their Social Security Number (TIN)?

You still must file the form. You should document the refusal in the appropriate field (e.g., typing "REFUSED") and have your employee write a brief statement detailing their attempt to collect the information. This documentation establishes "Reasonable Cause" and protects you from penalties.

Do I have to send a notification letter to a customer if the transaction was suspicious?

It depends on the amount: If the suspicious transaction was over $10,000, you must send the written customer notification letter by January 31st of the following year. If the suspicious transaction was under $10,000 (and you voluntarily filed a Form 8300), you do not send the customer notification.

How long must I keep the records for Form 8300?

You are required to maintain a copy of every filed Form 8300 and the corresponding customer notification statement for a minimum of five years from the date the form was filed.