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IRS issues new dealer cash reporting form

November 23, 2010
Effective immediately, dealers must file any IRS Form 8300 cash reports on a new form named "IRS Form 8300/FinCEN Form 8300." The new form is virtually identical to its predecessor, except for the added designation, Fin/CEN Form 8300.
The new form is available in an Adobe portable document format (pdf) on the Web site of the Internal Revenue Service, at The file consists of the two-page form and two pages of instructions to complete the form. 
The IRS change stems from a new law, the USA Patriot Act, which requires in part that persons engaged in a trade or business who receive more than $10,000 in cash in a single transaction (or two or more related transactions) must file a report with the Financial Crimes Enforcement Network, or FinCEN.
FinCEN, which is part of the U.S. Treasury Department, has issued an Interim Rule which states that persons may satisfy the IRS cash reporting rules-both former and new-by filing a single joint IRS/FinCEN cash reporting form with the IRS. 
Dealers do not have to file a copy of the form with FinCEN. Further details of the new law are forthcoming from the Treasury Department. The CATA will report them as details are released.