How to Complete Form 8300 Part Two
Now let’s move on to part TWO of the form.
In situations where a transaction is being conducted on behalf of more than one person…
- including husband and wife or parent and child or employee for employer
- checkbox 15 and complete part TWO for any one of the persons.
Provide the same information for the other persons by completing part TWO on page 2.
If more than three persons are involved, provide the same information in the comments section
on page 2 of the form.
Notice that like item 13 in part ONE,
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, check out 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:
• U.S. 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 $3,000 in U.S. currency,
a $4,000 cashier’s check,
a $2,000 bank draft,
and money orders in the amount of $2,500.
You would show eleven thousand five hundred ($11,500) in item 29
and 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.
Double-check your form for accuracy and completeness.
If an item does not apply to your situation, mark it as “None” or “N/A,”
so we know it was not overlooked.
For example, look at item 32.
If you did not receive bills of one hundred dollars ($100) or larger, mark it “None.”
You may be subject to penalties if you leave items blank.
If you tried to get information from your customer and they refused to give it to you,
enter “refused” in the specific field.
And, in the comments section of the form, state how you tried to get the information.
For more information about penalties and reporting cash payments on Form 8300,
check out Publication 1544.
It is a great resource.
Finally, I want to encourage you to consider electronically filing your Forms 8300.
Many have found that e-filing is an easier, more convenient and cost-effective way to
meet the reporting deadline.
You get instant confirmation that the government received your form.
And batch filing is an option, which is especially helpful if you file many forms.
To get the benefits of e-filing, enroll in the Financial Crimes Enforcement Network’s
Bank Secrecy Act or BSA E-Filing System.
It’s free!
Find a link to e-filing on the home page of FinCEN.gov.
Or for more information, call the BSA E-Filing Help Desk at
866-346-9478 or
email them at BSAEFilingHelp@fincen.gov.
The help desk is available Monday through Friday from 8 a.m. to 6 p.m. Eastern time.
When filing electronically, it is important to know that completing only fields designated
as critical does not meet the filing requirement.
Again, and as a final tip -
complete the entire Form 8300.