Reminder for businesses in U.S. possessions of Form 8300 requirements

Form 8300 filing requirements

The IRS today issued a reminder to businesses (including individuals who are sole proprietors) that receive more than $10,000 cash in a transaction or in two or more related transactions and located in any U.S. possession or territory that they must file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, with the IRS.

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Today’s IRS release—IR 2015-81—notes that for these purposes, possessions and territories include: American Samoa, the Commonwealth of the Northern Mariana Islands, Guam, Puerto Rico and the U.S. Virgin Islands. The Form 8300 requirement is in addition to any filing obligation the business may also have with U.S. territory tax authorities under similar territory rules, including under a U.S. territorial mirror income tax code.

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