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IRS Form 8300: Fill it in a Smart Way

Margarete Cotty

2024-04-18 11:56:27 • Filed to: Other IRS Forms • Proven solutions

The IRS Form 8300 is titled as Report of Cash Payments Over $10,000 Received in a Trade or Business transactions. The purpose of this form is to report any transaction more than $10,000 for trade or business.

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Instructions for How to Complete IRS Form 8300

Step 1: Download the IRS Form 8300 including the filling instructions from the official website of the Internal Revenue Service and open it by PDFelement to start filling the form.

Step 2: On line 1, check the appropriate option that is applicable to you. Start filling Part I. On line 2, check the box if there are more than one individual involved. On line 3, enter the last name. For line 4, enter the first name. Then, enter MI on line 5 and Taxpayer identification number (TIN) on line 6. For line 7, enter the address. The date of birth must be mentioned line 8. The address related details must be mentioned from line 9 to line 12. On line 13, enter your profession. For line 14, describe your ID, enter the ID number and name of the issuer. The Part I must be filled again, if there is more than on individual involved.

Step 3: Start filling Part II: On line 15, check the box if there are more than one individual involved. For line 16, enter the name and organization of the individual. On line 17, enter his first name. Enter the MI on line18. Enter the Taxpayer identification number (TIN) on line 19. On line 20, enter the DBA name and Employer Identification Number (EIN). Enter the details of address on line 21. For line 22, enter the profession of the individual. From line 23 to 26, you have to enter the additional address details. On line 27, describe the ID, enter the ID number and name of the issuer for Alien identification.

Step 4: Check the Part III. On line 28, enter the date of cash received. On line 29, enter the amount of total cash received. Check the box on line 30, if cash was received in more than one payment. On line 31, enter the amount if it is different from line 29. For line 32, you have to enter all the details of the amount received. For 32a, you have to enter the amount received in USD. On line 32b, enter the amount send in foreign currency. For 32c, enter the amount on cashier’s check. On line 32d, the amount of money order. The amount of bank draft should be entered in line 32e. For line 32f, the amount on travelers check must be entered. There are specific instructions to be followed while entering these amounts. For line 33, enter check the appropriate option for the type of transaction. For line 33, if you check on other option, the type of transaction should be written on line 34.

Step 5: Proceed to fill Part IV. On line 35, enter the name of the business that received cash and enter the Employer Identification Number (EIN) on line 36. For line 37, enter the address and Social Security Number. From line 38 to 40, enter the additional address details. Enter the nature of business on line 41. On line 42, you have to sign on the form to declare that all the given information are true, correct and complete. For line 43, enter the date of signature and print name of the contact person on line 44. On the last line, enter the contact number. There is another page to complete, if there are more than one individuals involved. It exactly the same as you have done it on the previous part of the page. There is a comments section where you can write anything to clarify in needed.

Tips and Warnings for IRS Form 8300

Form 8300 must be filed after 15 day of receiving the cash. Keep all the related documents together near you while completing this form. Filling up the form is a difficult task, but if you follow the instructions it will surely not get disqualified
If two or more individuals are involved in a transaction, you must check the box and complete Part I on page 1 for any one of the individuals. Enter the same information about the other individual by completing Part I on page 2 of IRS form 8300. If three individuals are involved, provide the same details in the comments section on page 2 of the IRS form 8300.
You can get into trouble if you provide improper, fake or incomplete information. The Internal Revenue Service check these forms electronically and manually as well.