Each person who is engaged in a trade or business, receives more than $10,000 in cash in one transaction or in two or more related transactions in the course of that trade or business, must file Form 8300. Any transactions carried between a payer and the recipient in a 24-hour period are related transactions. Transactions are considered related even if they occur over a period of more than 24 hours if the recipient knows, or has reason to know, that each transaction is one of a series of connected transactions.
Form 8300 must be filed within 15 days after the cash has been received. Form 8300 is not required to be filed where the transaction is not in course of a person’s trade or business or where FinCEN Report 112 is required to be filed.
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