Cash Payments Over $10,000: Bank Secrecy Act, Form 8300 Audits, Digital Asset Reporting Requirements

Form 8300, Report of Cash Payments over $10,000, should not be ignored. An integral part of the anti-money laundering provisions of the BSA requires businesses to report the receipt of any cash payment exceeding $10,000, arising from a single or series of transactions, on Form 8300. Even unintentional reporting failures can be costly, resulting in civil penalties per occurrence, while willful failures or attempts to evade reporting can result in criminal sanctions.

Tax advisers can play a significant role in identifying and remedying BSA disclosure failures. The statute requires businesses to report related receipts arising from a single or set of transactions if the aggregate cash received exceeds the $10,000 threshold. Even more critically, the anti-money laundering statute prohibits structuring transactions to evade BSA reporting requirements.

With the addition of digital assets, including cryptocurrency, to the list of cash transactions, BSA compliance is generating more attention. BSA examinations often drag on for extended periods, and examiners can refer cases to the IRS for criminal investigation.

Listen as our panel explains how to comply with BSA cash reporting requirements, handle a BSA audit, and address prior noncompliance.

I. Transactions subject to reporting

II. Cash transactions

A. Cannabis

B. Digital assets

C. Other transactions

III. Compliance requirements

IV. Related transactions and evasion

V. The BSA audit

VI. Addressing past noncompliance

The panel will review these and other important issues:

• Requirements for digital asset reporting
• Identifying and reporting cash transactions subject to reporting
• Identifying related transactions subject to reporting
• Handling a BSA audit
• Addressing prior noncompliance

Learning Objectives

After completing this course, you will be able to:

• Identify transactions subject to cash transaction reporting under the BSA
• Determine tips for handling a Form 8300 audit
• Decide when cryptocurrency transactions are subject to reporting requirements
• Ascertain best practices for handling past noncompliance

• Field of Study: Taxes
• Level of Knowledge: Intermediate
• Advance Preparation: None
• Teaching Method: Seminar/Lecture
• Delivery Method: Group-Internet (via computer)
• Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
• Prerequisite:

  Three years+ business or public firm experience preparing complex tax forms and schedules, supervising other preparers or accountants. Specific knowledge and understanding of individual income taxation, including itemized deductions, individual income tax credits, net operating loss limitations including carrybacks and carryforwards.

  
  

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.

IRS Approved Provider

Strafford is an IRS-approved continuing education provider offering certified courses for Enrolled Agents (EA) and Tax Return Preparers (RTRP).