Cash Reporting Forms Due By January 31

Required Written Statement for Customers when a business is required to file a Form 8300, the law requires the business to provide a written statement to each person(s) named on Form 8300 to notify them that the business has filed the form.

This requirement to provide a written statement does not apply with respect to a Form 8300 filed voluntarily, including a Form 8300 to report a suspicious transaction involving less than $10,000.

The statement must include the following information:

• The name and address of the cash recipient's business;
• Name and telephone number of a contact person for the business;
• The total amount of reportable cash received in a 12-month period; and,
• A statement that the cash recipient is reporting the information to the IRS.

The code and regulations only specify the information that the business is required to include on a statement, not the format of the statement. A business may use its invoice for the statement of notification, as long as the invoice includes all required information. Providing a copy of Form 8300 to the payer(s), although not prohibited, is not advisable due to the sensitive information contained on the form, for example, the Employer Identification Number (commonly called an EIN) or SSN of the filer.

The business filing Form 8300 must provide its identified customers with the written statement on or before January 31 of the year that immediately follows the year the customer made the cash payment. Record keeping a business should keep a copy of every Form 8300 it files, and the required statement it sent to customers, for at least five years from the date filed.

For more information on the cash reporting rule and to check for changes in the law, please visit the IRS website or contact Pete McNamara at 800-852-3372 or by email.