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Form 8300 College Station Texas: What You Should Know

Form 8300 & Payroll Credits/Deductions — IRS.gov Business owners are subject to a number of tax-related requirements when making payroll deductions from an employee's wages. The IRS issues Forms 8300, Cash Payments of Over 10,000 received in a Trade or Business, if the person or entity receiving the money has engaged in a trade or business in that taxpayer's state or the United States and more than 10,000 has been received within 2 years from the date the amount was received. If the employer can reasonably determine the amount of the cash payments received, they are eligible for the following business-related deductions (and credits) from the employee's employee's wages and taxes paid by the employee. (1) The cash amount received may be excluded from an employee's wages and taxes, provided that the payment is not more than the amount of wages and taxes taken into account under the wage-tax exclusion, under the employee's tax, or under the employment tax exclusion for the current tax year, if that exclusion is in effect for that taxpayer and the employee was employed by the tax-exempt employer, during the period in which the cash amount was received: (i) for purposes of determining the amount for which the employee must make required contributions under the Code, or (ii) for tax reporting purposes. (2) If the employer is a corporation or partnership, the cash amount received from each employee also is deducted from the employee's wages under Code Section 2111 (or under any other provision of the Code), and the amount of the wages and tax taken into account may be applied as a credit or deduction against any tax payable by the employer on those amounts. (3) If the person or entity receiving the cash payment from the employee's wages is an organization, the deduction from an employee's wages may not exceed the amount of employee-imposed expenses (discussed later) incurred by such organization in connection with the cash payment. (4) If the amount deductible from an employee's wages under Sec. 1.6012-5, 821(b)(1)-(3), 822(a)(5), or 826(b)(1)-(2), 2121 (or Section 1301 of the Code), 2132, or 2213 (or Section 1301 of the Code), is less than 10,000, the employee may claim the cash amount as a credit or deduction against any taxable income tax due.

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