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September 20, 2022
11:00AM - 12:00PM

IRS Cash Reporting Requirements and Form 8300

OADA Webinar - Complimentary for OADA Members

Register Here

Whether used or new, motor vehicles are expensive. While most transactions are partially financed, dealers do collect cash payments for deposits, down payments, and sometimes the entire purchase price. But what is considered "cash?" At what point does this need to be reported, and to whom? Join OADA and Schneider Downs to get the answers to these questions, as well as the proper use of Form 8300, the proper reporting of cash payments over $10,000, and filing requirements.

Generally, any person in a trade or business who receives more than $10,000 in cash in a single transaction or related transactions must complete a Form 8300. Form 8300 is a joint form issued by the IRS and the Financial Crimes Enforcement Network and is used by the government to track individuals that evade taxes and those who profit from criminal activities. Auto Dealerships frequently receive cash in excess of $10,000 and are required to comply with the filing requirements.

Failure to file Form 8300 can result in severe civil and criminal penalties. If you are a dealership that is unsure of the cash reporting rules or find the rules difficult to follow, you should attend this webinar. In addition to discussing the basic filing requirements of Form 8300, we will also address questions such as the following:

  • What does "cash" mean for purposes of Form 8300?
  • What is a "related" or "series" of transactions that totals over $10,000?
  • When do you have to notify customers of a Form 8300 filing?
  • What do you do if you can't obtain a customer's identification number?
  • What payments over $10,000 need to be reported - car sales, parts sales, service, etc?

In addition to the above questions, our webinar will also discuss some office policies and procedures that should be implemented to help you comply with the rules.

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Add to Calendar aCLuDhaqizCaPxAftmqF167204 09/20/2022 11:00 AM 09/20/2022 12:00 PM false America/New York IRS Cash Reporting Requirements and Form 8300 Register Here Whether used or new, motor vehicles are expensive. While most transactions are partially financed, dealers do collect cash payments for deposits, down payments, and sometimes the entire purchase price. But what is considered "cash?" At what point does this need to be reported, and to whom? Join OADA and Schneider Downs to get the answers to these questions, as well as the proper use of Form 8300, the proper reporting of cash payments over $10,000, and filing requirements. Generally, any person in a trade or business who receives more than $10,000 in cash in a single transaction or related transactions must complete a Form 8300. Form 8300 is a joint form issued by the IRS and the Financial Crimes Enforcement Network and is used by the government to track individuals that evade taxes and those who profit from criminal activities. Auto Dealerships frequently receive cash in excess of $10,000 and are required to comply with the filing requirements. Failure to file Form 8300 can result in severe civil and criminal penalties. If you are a dealership that is unsure of the cash reporting rules or find the rules difficult to follow, you should attend this webinar. In addition to discussing the basic filing requirements of Form 8300, we will also address questions such as the following: What does "cash" mean for purposes of Form 8300? What is a "related" or "series" of transactions that totals over $10,000? When do you have to notify customers of a Form 8300 filing? What do you do if you can't obtain a customer's identification number? What payments over $10,000 need to be reported - car sales, parts sales, service, etc? In addition to the above questions, our webinar will also discuss some office policies and procedures that should be implemented to help you comply with the rules. OADA Webinar - Complimentary for OADA Members