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Salinas California Form 8300: What You Should Know

The purpose of this form is to record cash payments received, for example, from an individual and to notify the IRS when the total cash payment received exceeds 10,000 by at least 30 percent. The report of cash payments must be filed with the IRS by the end of the calendar quarter following the month in which they received the payment. Cash payments over 10,000 are automatically reported on Form 8300; there is no need to file a separate Form 8300 report for each transaction. The report form includes instructions on filing information, and if required, provides the taxpayer's personal information, such as name, address, and social security and employee identification number.  Cash Payments of Over 10,000 Cash payments of any amount over 10,000 will be reported to the IRS. However, this does not necessarily mean the Internal Revenue Service will receive them.  Some cash payment processing businesses operate similarly to the businesses mentioned here. Others provide services to businesses that are processing cash transactions.  We do not want to encourage the reporting of cash payments that may be fraudulent or otherwise incorrect. Because of this, we are providing the following general information. If you receive a cash payment and are not sure of the correct filing requirements, contact the IRS for guidance. If you receive a cash payment and think the payment should be reported, complete the appropriate and complete Form 8768(R) and send them to the IRS, along with your signed agreement form. Keep a copy of your document for your personal records after you file your tax return. Any additional items or information about the payment will be included in the IRS tax return. If the IRS determines that the payment is in error due to a clerical error, a penalty of 20 percent of the amount of the payment is imposed and your tax return must be corrected. If you receive a cash payment and think the payment should be reported, complete the appropriate and complete Form 8626 and send them to the IRS with your signed agreement form. Keep a copy of your document for your personal records after you file your tax return. Any additional items or information about the payment will be included in the IRS tax return. Any time you receive a cash payment, including a payment over 10,000, you must file Form 8300.

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