What dollar amount requires dealerships to complete and file IRS form 8300?

Dealerships are required to complete and file IRS form 8300 when they receive cash payments of $10,000 or more. This form is used to report cash transactions in order to help the government combat money laundering and other illegal financial activities. The requirement includes any single transaction or a series of related transactions within a 12-month period that totals $10,000 or more.

The threshold of $10,000 is significant because it is set by the IRS to identify larger cash transactions that could be indicative of illegal activities. Dealerships need to be vigilant in tracking cash payments to ensure compliance with this reporting requirement to avoid penalties or legal issues.