Form 8300

Form 8300 is a federal reporting form dealers must file with the IRS and FinCEN when receiving more than $10,000 in cash in a single or related transaction. Required under the Bank Secrecy Act, dealers must also provide a written statement to the payer and retain records for five years.

Form 8300 compliance is non-negotiable for any dealership accepting large cash payments. Failure to file is a federal violation. Dealers should have a clear internal process for identifying reportable transactions and completing the form accurately and on time.