Now let's move on to Part 2 of the form.
In situations where a transaction is being conducted on behalf of more than one person, including a married couple or a parent and child or an employee for an employer, check Box 15 and complete Part 2 for any one of the persons.
Provide the same information for the other persons by completing Part 2 on Page 2.
If more than three persons are involved, provide the same information in the comments section on page two of the form.
Notice that like Item 13 and Part 1, Item 22 of this section asks for occupation, profession or business and like Item 13, detail matters here.
Be descriptive. Don't use general terms such as businessman, store, or self-employed.
Let's move on to Part Three of the form and look at a few items where filers often make mistakes and where, again, details matter.
First, carefully review Items 29 and 32. Item 29 asks for the total cash received.
Item 32 asks for a breakdown of the types of cash received for the transaction.
The types of cash are US currency, foreign currency, cashier's checks, money orders, bank drafts, and traveler's checks.
The sum of the types of cash must equal the total cash received in Item 29.
For example, a customer gives you $3000 in US currency, a $6000 cashier's check, and $2500 in a money order.
You would show $11,500 in Item 29 in the amounts for each type of cash in Item 32.
For more information about cash, find the definition of cash in the Form 8300 instructions.
Now look at Item 34. It asks for a specific description of property or service for the type of transaction reported in Item 33.
Here you want to include descriptions such as the addresses of real property, the vehicle identification, numbers of automobiles, serial numbers of personal property, and personal or business services provided.
As we near the end of this presentation, I want to stress again the importance of completing the entire form.
When e-filing, you will note terms like critical field.
While you must complete these fields to submit the form electronically, you must also complete all applicable fields.
If you are unable to obtain information for a non-critical field or the non-critical field doesn't apply to your situation, please leave blank.
Do not enter words such as none in an unknown, etc.
Instead, provide an explanation in the comments section of the form.
Double check your form for accuracy and completeness.
You may be subject to penalties if you leave items blank and not have provided any explanation in the comments section.
If you tried to get information from your customer and they refused to give it to you, leave blank and in the comments section of the form state that the customer refused and how you tried to obtain the information.
For more information about penalties and reporting cash payments on Form 8300, check out Publication 1544.
It's a great resource.
Effective Jan. 1, 2024, you must electronically file Forms 8300.
If you're required to electronically file other information returns, such as Forms 1099 series and Forms W-2, you must electronically file your Forms 8300.
If you're required to file at least 10 information returns of one or more types other than Form 8300 during a calendar year.
For example, if you're required to file 5 Forms W-2 in five Forms 1099 INT, then you're required to file certain other information returns during that year electronically, including any Forms 8300.
However, if you file less than 10 information returns other than Forms 8300, you're not required to file the information returns electronically and not required to file any Forms 8300 electronically.
The number of Forms 8300 you file does not affect the requirement.
Keep in mind, if you're not required to e-file, you can still choose to do so.
If you're not required to e-file Form 8300 and choose to physically mail it to the IRS, send it to:
Internal Revenue Service
Rosa Parks Federal Building
PO Box 32621
Detroit, MI 48232
You may file a request for a waiver from filing information returns Electronically due to undue hardship.
For more information, refer to Form 8508, Application for a Waiver from Electronic Filing of Information Returns.
If the IRS grants you a waiver from electronically filing information returns, the waiver automatically applies to all Forms 8300 for the rest of the calendar year.
You must include the word waiver on the center top of each Form 8300 page one when submitting the paper filed returns.
If using the technology required to electronically file conflicts with your religious beliefs, you are automatically exempt from filing Form 8300 electronically.
You must include the words religious exemption on the center top of each Form 8300 page one when submitting the paper filed return.
Note, if you are required to electronically file and file by paper without a waiver or religious exemption, you will be subject to a late penalty.
Failure to file timely includes failure to file in the required manner.
Remember, you must keep a copy of Form 8300 for five years when e-filing and prior to finalizing the form submission, be sure to save a local copy of the form.