Good day everyone thank you for joining us as Sam explained very well we're going to spend a couple hours talking about a new form so without a doubt you're pretty excited about today's program obviously though this is an important responsibility under the Bank Secrecy Act we file 12 to 13 million currency transaction reports in every calendar year it's a responsibility that is significant for your institution and probably a number of your employees one of the things I think that you should be thinking about as we work our way through the new form is how you're going to conduct training among your staff members some of you may already be using the form is for some of you you may have decided to make the switch from paper to the new electronic form 112 and just simply skipped the middle generation of the electronic form 104 in any case we're going to go through just as Sam said a series of slides I hope you did print those out so you can take some notes if it's necessary you also have a copy of the demonstration form copy of the new form 112 and I hope you've got that printed out as for the instructions my suggestion would be that you keep them in electronic form and develop a habit of using them that way because frankly they're a lot easier to search but in any case if you've got it out in front of you I will make some references to those as well this is the new BSA CPR also now being called the fencin CPR and that is in reference we're in comparison to what is now called the legacy forms in terms of the earlier version of the electronic forms but in...
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8300 wiki Form: What You Should Know
No longer effective: IRS Tax Reform of 2023 The BSA (Bank Secrecy Act) was enacted as Executive Order No. 13233 on April 24, 1970. Form 8300 — IRS The BSA also requires casinos with over 10,000,000 in gross revenues to report cash transactions totaling more than 10,000. Federal Reserve Statistic — USA. Gov As noted by Investopedia, one of the goals of the BSA was to increase the availability of financial data related to the operations and management of banks, savings associations, savings and loan associations and other institutions for the purpose of preventing, detecting, and deterring criminal frauds and money laundering activity. Form 8300 — IRS The Form 8300 is the “first step for determining whether a person is a legally resident alien” or “a nonresident alien.” The Form 8300 is one of numerous paperwork-based documents issued by the Internal Revenue Service (IRS) and required by U.S. financial institutions to determine a person's tax status. This form is primarily used to determine the residency status of an individual, but also is used to determine whether certain individuals may be required to file Form 1040, which is used to report personal income and deductions. Form 8300 is required in connection with the filing of any federal tax return. The IRS also uses this form to determine whether an individual may be required to file a Form 1040 form. Form 8300 is also a form that banks, savings and loan associations and other financial institutions must file if they hold U.S. assets in a branch (asset position) for nonresident aliens, nonresident aliens and their spouses or minor children, foreign persons (i.e., persons with permanent resident status) who are not U.S. citizens, estates of U.S. citizens or people with U.S. citizenship but with whom the individual does not have an estate, or nonresident aliens with respect to whom the Secretary of State has placed a notice of designation. Form 8100 — Bank Secrecy Act of 1970 — Wikipedia Form 1040 is a government-issued form that a taxpayer submits to the Internal Revenue Service (IRS) to report income and other expenses, or to report foreign income and deductions. Form 1040 forms are also typically filed by individuals and businesses who have employees, are self-employed, or own capital property.
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