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Focus on Automotive: Revised Cash Reporting Form

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The IRS has recently revised its Form 8300, which businesses must file within 15 business days when they receive over $10,000 in cash from a single transaction or related transaction.
July 25, 2011

The IRS has recently revised its Form 8300, which businesses must file within 15 business days when they receive over $10,000 in cash from a single transaction or related transaction.

Form 8300 is a joint form issued by the IRS and the Financial Crimes Enforcement Network and is used by the government to track individuals that evade taxes and those who profit from criminal activities.

These requirements must be followed by all businesses in the United States; however they are especially pertinent to automotive dealers.

For all transactions occurring on or after July 1, 2011 in which your business receives more than $10,000, you are required to use the Form 8300 that was revised in June 2011.

To view the revised Form 8300 click here

In an effort to assist dealerships in their compliance with the filing requirements of Form 8300, the Motor Vehicle Technical Program has collaborated with IRS specialists on money laundering to compile a list of dealership-specific questions and answers.

 

Under U.S. Treasury Department guidelines, we hereby inform you that any tax advice contained in this communication is not intended or written to be used, and cannot be used by you for the purpose of avoiding penalties that may be imposed on you by the Internal Revenue Service, or for the purpose of promoting, marketing or recommending to another party any transaction or matter addressed within this tax advice. Further, RubinBrown LLP imposes no limitation on any recipient of this tax advice on the disclosure of the tax treatment or tax strategies or tax structuring described herein.

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For more information, please contact:

  • Mark Conrad, CPA — St. Louis
  • Manager
  • Automotive Services Group
  • 314.290.3425
  • mark.conrad@rubinbrown.com