IRS changes Form 8300

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The IRS recently made changes to Form 8300, and effective for all transactions occurring after June 30, 2011, the new version of the form should be utilized, according to Dixon Hughes Goodman. The revised Form 8300 is effective immediately.

Form 8300 is used to report cash payments in excess of $10,000 received in the course of a trade or business. The payments of $10,000 can be in one transaction or two or more related transactions. Any transactions conducted between a payor (or its agent) and the recipient in a 24-hour period are related transactions.

In addition, transactions are considered related even if they occur over a period of more than 24 hours if the recipient knows, or has reason to know, that each transaction is one of a series of connected transactions.