As a reminder, dealers by Jan. 31 must contact any purchaser for whom they were required to file a Form 8300 (Cash Reporting) in 2020, and tell them that the form has been filed with the Internal Revenue Service.

 

Potential language of the written statement:

 

"Dear Customer:

We are required by the Internal Revenue Service to report transactions involving more than $10,000 in cash and "cash equivalents," under the provisions of 25 U.S.C. 60501. We have filed a Form 8300 with the IRS on (month, day, 2020), indicating that you provided us with (dollar amount) in connection with the purchase of your (year, make, model). We wanted you to know that we have complied with this federal reporting requirement. Again, we thank you for your patronage."

 

Businesses have the option of filing Form 8300 electronically. For details, see https://bsaefiling.fincen.treas.gov/main.html. Dealerships should make sure they are using the most recent Form 8300, revised in August 2014.