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Form 8300 MS: What You Should Know

Form 8300 if the value of the transaction is 500 or more. If someone pays you with cash, you should include the amount of the payment in the amount of income reported on the income tax return. Generally, any amount paid with cash is taxable income. When the amount paid for goods or services is a gift (to yourself or to a family), you must report the gift on Schedule D. However, if you have to make a tax payment, either by check or cash, the amount of the payment will be reported on the appropriate line of the personal income tax return. You may want to consult with a tax adviser to ensure the correct amount of income tax will be reported for your taxes if you have to pay a cash payment tax. Generally, you must include in income each time you receive cash payment from someone other than a bank, savings and loan association, credit union, etc. A bank, credit union, savings and loan association, credit card company, etc. that receives a payment of 10,000 or more from you is treated as a “U.S. financial institution” for purposes of the payment reporting requirements set forth in IRC Section 7701. This may cause some problems if a bank, savings and loan association, credit union, etc. receives a payment of “less than 10,000”. This is a problem because that payment must be reported in the year of the payment, and because the rules for the filing of Schedule C and C-EZ apply to the amount reported on the schedule, which is not the same as the amount of the payment. IRC Section 7701 allows income to be reported for payments received from a foreign person to a foreign financial institution in the year of the payer. This is to help prevent the need to report that payment in a later year.

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