My buddy was talking about this. He said he thinks he might have to go do this 8300 form possibly at an HNR block or so thing like that... do you know ? I told him i think its somwhere between 100 to 300 bucks fine for not reporting for each 8300 form ... now im curious myself... answer these questions please ...noone seems to know anything at all...
According to the IRS, if a taxpayer willfully fails to file IRS Form 8300 when required, this can be subject to a penalty of up 5 years in prison and/or a $250,000 fine. IRS Publication 1544 contains more guidance: www.irs.gov/pub/irs-pdf/p1544.pdf
I have a question I bought a truck and put down 10,900 cash down and now the dealership is requesting i do this form. Will the IRS request for me to explain where this cash is from or is it assumed to be from my salary?
A couple of things. 1. The dealership is required to complete this form. They *must* report this as the business receiving over $10,000 in cash, and they have to give you a copy of it. However, the dealership must complete this form, not you. The signature on the form must be from the dealership--you might need to give them key information (as outlined in Part I), but you shouldn't be completing the entire form for the dealership. 2. There's no real indication on what the IRS would do with this information. All cash transactions over $10,000 must be reported to the federal government, as part of a crackdown on money laundering. But I imagine that if there's no other suspicious activity on your end, then this might not go anywhere. I don't really know.
So how strict is the IRS about filing late..... Ive been on paternity leave and like an idiot I have about 25 8300 forms that I never e-filed. I have them all done now but since this new e-filing system is new as of JANUARY 2024, will IRS waive the late penalties for all these forms?
I am not sure exactly how strict the IRS is on imposing late filing penalties. I would say a couple of things: 1. There are instructions indicating that you should use the newest form version as of January 2024. However, there are versions of this form dating back to 1986, so this is not a new form...I wouldn't bring this up in any discussions with the IRS, as it probably won't get you what you want. 2. This page walks you through different circumstances, such as late filing penalties ($100 per occurrence), exemptions, waivers, etc: www.irs.gov/businesses/small-businesses-self-employed/form-8300-and-reporting-cash-payments-of-over-10000 This page also walks you through how to file late. 3. You may be able to request an exemption by filing IRS Form 8508, if you meet certain criteria. You can find more information about this form here: IRS Form 8508, Application for a Waiver from Electronic Filing of Information Returns Article: www.teachmepersonalfinance.com/irs-form-8508-instructions/ Video: ua-cam.com/video/ei76JqbANsQ/v-deo.html 4. Late filing penalty waiver. If the IRS imposes a penalty, you might inquire about whether you can request a penalty reduction or removal (known as penalty abatement). If so, you might consider filing IRS Form 843 to make this request: IRS Form 843, Claim for Refund and Request for Abatement Article: www.teachmepersonalfinance.com/irs-form-843-instructions/ Video: ua-cam.com/video/beGwgBS1YYI/v-deo.html
I work at a theater. We had an individual pay 10,500 in cash for tickets but then realized he over paid and we reimbursed him 1,500 2 days later. Does a form 8300 still apply?
You might, but I'm not sure. There isn't enough information on the form or Publication 1544, Reporting Cash Payments over $10,000, to make a determination. However, you can *voluntarily* file anyway, or you can call the FinCEN Financial Institution Hotline toll free at 1-866-556-3974, then follow their recommendations.
My buddy was talking about this. He said he thinks he might have to go do this 8300 form possibly at an HNR block or so thing like that... do you know ? I told him i think its somwhere between 100 to 300 bucks fine for not reporting for each 8300 form ... now im curious myself... answer these questions please ...noone seems to know anything at all...
According to the IRS, if a taxpayer willfully fails to file IRS Form 8300 when required, this can be subject to a penalty of up 5 years in prison and/or a $250,000 fine.
IRS Publication 1544 contains more guidance: www.irs.gov/pub/irs-pdf/p1544.pdf
I have a question I bought a truck and put down 10,900 cash down and now the dealership is requesting i do this form. Will the IRS request for me to explain where this cash is from or is it assumed to be from my salary?
A couple of things.
1. The dealership is required to complete this form. They *must* report this as the business receiving over $10,000 in cash, and they have to give you a copy of it. However, the dealership must complete this form, not you. The signature on the form must be from the dealership--you might need to give them key information (as outlined in Part I), but you shouldn't be completing the entire form for the dealership.
2. There's no real indication on what the IRS would do with this information. All cash transactions over $10,000 must be reported to the federal government, as part of a crackdown on money laundering. But I imagine that if there's no other suspicious activity on your end, then this might not go anywhere. I don't really know.
So how strict is the IRS about filing late..... Ive been on paternity leave and like an idiot I have about 25 8300 forms that I never e-filed. I have them all done now but since this new e-filing system is new as of JANUARY 2024, will IRS waive the late penalties for all these forms?
I am not sure exactly how strict the IRS is on imposing late filing penalties. I would say a couple of things:
1. There are instructions indicating that you should use the newest form version as of January 2024. However, there are versions of this form dating back to 1986, so this is not a new form...I wouldn't bring this up in any discussions with the IRS, as it probably won't get you what you want.
2. This page walks you through different circumstances, such as late filing penalties ($100 per occurrence), exemptions, waivers, etc: www.irs.gov/businesses/small-businesses-self-employed/form-8300-and-reporting-cash-payments-of-over-10000
This page also walks you through how to file late.
3. You may be able to request an exemption by filing IRS Form 8508, if you meet certain criteria. You can find more information about this form here:
IRS Form 8508, Application for a Waiver from Electronic Filing of Information Returns
Article: www.teachmepersonalfinance.com/irs-form-8508-instructions/
Video: ua-cam.com/video/ei76JqbANsQ/v-deo.html
4. Late filing penalty waiver. If the IRS imposes a penalty, you might inquire about whether you can request a penalty reduction or removal (known as penalty abatement). If so, you might consider filing IRS Form 843 to make this request:
IRS Form 843, Claim for Refund and Request for Abatement
Article: www.teachmepersonalfinance.com/irs-form-843-instructions/
Video: ua-cam.com/video/beGwgBS1YYI/v-deo.html
I work at a theater. We had an individual pay 10,500 in cash for tickets but then realized he over paid and we reimbursed him 1,500 2 days later. Does a form 8300 still apply?
You might, but I'm not sure. There isn't enough information on the form or Publication 1544, Reporting Cash Payments over $10,000, to make a determination. However, you can *voluntarily* file anyway, or you can call the FinCEN Financial Institution Hotline toll free at 1-866-556-3974, then follow their recommendations.