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Form 8300 for Wyoming: What You Should Know
Transactions Between Individuals and Organizations — Fin CEN According to Fin CEN, a currency transaction report is to be filed by a U.S. person if there is more than one transaction, that is, two or more transactions at 15,000 gross or fewer, in U.S. dollars for a financial account. A foreign currency transaction report is to be filed by a non-U.S. individual that carries on a financial account in or with any other non-U.S. individual. The gross amount of the transaction reported to any one financial account that the two individuals in the report control may be less than 100,000, to a maximum of 50,000 per transaction. According to Fin CEN, a cash equivalent transaction report is to be filed by a foreign financial institution (Fib) if there is more than one transaction, that is, two or more transactions valued at 15,000 gross or fewer, in a foreign currency or a U.S. currency. However, a report is not required to be filed by a Fib if an individual's aggregate gross transaction in foreign currency or a U.S. currency is less than 15,000 for a financial account. Cash equivalent or transaction reports may be submitted to the IRS using Fin CEN's BSA Direct E-Filing System or via electronic filing. Fin CEN's BSA Direct E-Filing System has not been updated since Oct. 17, 2016. The information from Fin CEN's BSA Direct E-Filing System will be updated when Fin CEN publishes a new BSA Direct System publication. Forms and information are subject to change at any time. Form 751 — Foreign Bank and Financial Accounts Oct 17, 2023 — A financial account does not include an account held in relation to a trade or business. Therefore, a foreign bank or foreign financial institution is not required to report the following transfers or purchases on a 751 Form: A cash payment; A cash, coin, or other negotiable instrument, purchased with funds obtained from a financial account in a foreign country or a U.S. financial account, provided the value of the financial account is equal to or greater than 10,000 in United States currency. The cash, coin, or other negotiable instrument may be received on behalf of the U.S.
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