Form 8300 Report on Cash Payments Over $10,000

Purpose: The information contained in the form assists law enforcement in its anti-money laundering efforts. When businesses comply with the reporting laws, they provide authorities with an audit trail to stop tax evasion, drug dealing, terrorist financing and other criminal activities.

Types of Payments to Report on form 8300:

1. Cash (coins and currency) payments over $10,000 (lump sum or installment) in a single or related transaction.
2. Any transaction in which the business knows the customer is trying to avoid reporting transaction on Form 8300.
3. Designated Reporting transactions-consumer durable, collectible, travel or entertainment.
   Combo payments apply to designated reporting transactions-Sales Price is over $10K, Cash and (Cashier’s Check or equivalent less than or equal to $10K are considered cash) but total payments over $10,000. For example, Vehicle sales for $15K, customer pays with $5K cash and $10K Cashier’s check. This transaction is reportable on Form 8300.
   
   1. Consumer durable such as vehicle or property other than land or building.
      
      1. Consumer durable is defined
         
         1. Tangible personal property of a type that is suitable under ordinary usage for personal consumption or use
         2. Useful life of at least one year
   2. A collectible such as a work of art, rug, antique, metal, gem, stamp or coin
   3. Travel or entertainment

Cash Does Not Include

1. Personal checks drawn on the account of the writer
2. A cashier’s check, bank draft, traveler’s check or money order with a face amount of more than $10,000

When to Report Payments

1. Custodian over a reportable transaction immediately emails completed form 8300 to Paul K. Larsen in the tax office at paul_larsen@byu.edu
2. Tax office files Form 8300 with the IRS within 15 days.

Contacts

Paul K. Larsen
Tax Manager
paul_larsen@byu.edu
801-422-6630
142 ECCB