Identity_Veritification_Letter_Tax_Refund_Tavorro_Jobs

Businesses in U.S. Territories Must File Form 8300 on Cash Transactions of 10K Plus

The Internal Revenue Service today reminded businesses in U.S. territories that they must file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, when they engage in cash transactions in excess of $10,000. The form must be filed within 15 days of the transaction.

Businesses, including individuals who are sole proprietors that receive more than $10,000 cash in a transaction or in two or more related transactions in any U.S. possession or territory must file Form 8300 with the IRS. Possessions and territories include American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, Puerto Rico and the U.S. Virgin Islands. This requirement is in addition to any filing obligation the business may also have with U.S. territory tax authorities under similar territory rules, including under a U.S. territorial mirror income tax code.

Examples of businesses that may have to file Form 8300 include those that sell jewelry, furniture, boats, aircraft, or automobiles, as well as those that are pawnbrokers, attorneys, real estate brokers, insurance companies and travel agencies.

Cash includes the coins and currency of the United States as well as foreign currency, cashier’s checks, bank drafts, traveler’s checks and money orders. The law also requires that businesses report related transactions occurring within a 24-hour period. If the same payer makes two or more transactions totaling more than $10,000 in a 24-hour period, the business must treat the transactions as one transaction and report the payments.

 

Are you an Employer?

Stop Searching, Start Hiring! Post Your Jobs FREE at Tavorro.com and Get Matched with Top Talent Today!

Post Jobs Free!

Are you a Job Seeker?

View and Apply for Jobs and Open Internships by Creating Your FREE Tavorro.com Career Profile Today!

Get Started, It’s FREE!

Connect With Us!

icon-facebook icon-twitter icon-pinterest icon-instagram

 
 

About Tavorro

Start-up employment ecosystem that solves America’s unemployment problem. Through our disruptive technology and online job portal, we will put people back to work. #Tavorro #Jobs

Check Also

MLK DAY Tavorro Jobs

Favorite Martin Luther King, Jr Quotes

In honor of Martin Luther King Day, we would like to share a few of …

Happy Holidays from Tavorro

Happy Holidays From Tavorro

Tavorro Has Exciting Plans for 2015! In this season of gratitude we pause to say, …

Leave a Reply

Your email address will not be published. Required fields are marked *