Publication 1544 |
2001 Tax Year |
When, Where, & What To File
The amount you receive and when you receive it determine when you
must file. Generally, you must file Form 8300 within 15 days after
receiving a payment. If the Form 8300 due date (the 15th or last day
you can timely file the form) falls on a Saturday, Sunday, or holiday,
it is delayed until the next day that is not a Saturday, Sunday, or
holiday.
More than one payment.
In some transactions, the buyer may arrange to pay you in cash
installment payments. If the first payment is more than $10,000, you
must file Form 8300 within 15 days. If the first payment is not more
than $10,000, you must add the first payment and any later payments
made within one year of the first payment. When the total cash
payments are more than $10,000, you must file Form 8300 within 15
days.
After you file Form 8300, you must start a new count of cash
payments received from that buyer. If you receive more than $10,000 in
additional cash payments from that buyer within a 12-month period, you
must file another Form 8300. You must file the form within 15 days of
the payment that causes the additional payments to total more than
$10,000.
If you are already required to file Form 8300 and you receive
additional payments within the 15 days before you must file, you can
report all the payments on one form.
Example.
On January 10, you receive a cash payment of $11,000. You receive
additional cash payments on the same transaction of $4,000 on February
15, $5,000 on March 20, and $6,000 on May 12. By January 25, you must
file a Form 8300 for the $11,000 payment. By May 27, you must file an
additional Form 8300 for the additional payments that total $15,000.
Where to file.
You can mail the form to the address given in the Form 8300
instructions, or you can hand carry it to your local IRS office.
Required statement to buyer.
You must give a written statement to each person named on any Form
8300 you must file. The statement must show the name and address of
your business, the name and phone number of a contact person, and the
total amount of reportable cash you received from the person during
the year. It must state that you are also reporting this information
to the IRS.
You must send this statement to the buyer by January 31 of the year
after the year in which you received the cash that caused you to file
the form.
You must keep a copy of every Form 8300 you file for 5 years.
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