Why car dealers want to check your background when you pay cash
8300 Form Example. August 2014) department of the treasury internal revenue service. See publication 526, charitable contributions, for details.
Why car dealers want to check your background when you pay cash
Each person engaged in a trade or business who, in the course of that trade or business, receives more than $10,000 in cash in one transaction or in two or more related transactions, must file form 8300. Web information about form 8300, report of cash payments over $10,000 received in a trade or business, including recent updates, related forms and instructions on how to file. Page two of form 8300 must be completed when there are multiple parties to the transaction. Each person engaged in a trade or business who, in the course of that trade or business, receives more than $10,000 in cash in one transaction or in two or more related transactions, must file form 8300. On august 15, 2010, jane smith pays $5,000 in cash to the bursar’s office. A customer wired $7,000 from his bank account to the dealership's bank account and also presented a $4,000 cashier’s check. Web for example, if a landlord accepts cash payments for a lease of property, or if a contractor or retail business accepts cash in a lump sum or in installment payments for goods or services, a form 8300 filing may be required. This section asks the business name, address, nature of your business, employee id, and social security number. This person must then sign and date the form and indicate his/her university title and phone number. Web for example, if an automobile dealership sells a car to a customer and receives cash payments from the customer, their mother, and their father, the dealership would:
Form 8300 is due the 15th day after the date the cash was received. Caused, or attempted to cause, a trade or business to fail to file a required report. Report of cash payments over $10,000 received in a trade or business. There will be boxes in this section that you can check to describe the details of your transaction. This person must then sign and date the form and indicate his/her university title and phone number. A driver's license issued by a foreign government would be acceptable documentation for name and address verification purposes. Does the dealership complete form 8300? • by a financial institution required to file form 104, currency transaction. Form 8300 may be filed voluntarily for any suspicious transaction (see definitions, later) for use by fincen and the irs, even if the total amount does not exceed $10,000. Page two of form 8300 must be completed when there are multiple parties to the transaction. Each person engaged in a trade or business who, in the course of that trade or business, receives more than $10,000 in cash in one transaction or in two or more related transactions, must file form 8300.
