The 8300 Audit report will show qualifying payments and groups of payments that will warrant filling out an IRS Form 8300.
To learn about the IRS Form 8300 and Reporting Cash Payments over $10,000, please refer to the IRS website here .
About the Feature
An IRS Form 8300 must be filed for a customer whenever:
- More than $10,000.00 in cash is received from the customer in a single transaction.
- More than $10,000.00 in cash is received from the customer in two or more transactions within a 24-hour period
- More than $10,000.00 in cash is received from the customer in any number of related transactions within a 12-month period
Related transactions refer to a Loan or Layaway type of transaction that can have multiple payments made to it. This does not refer to Sales over the course of a 12-month period.
To access this report, first select Reports from the Bravo Dashboard.
Next, select 8300 Audit from the list of reports (located under Closing Reports).
You have the option of selecting a customer or running it for all customers, and you are able to select a range of dates to search for any qualifying groups of payments that warrant the filing of an IRS Form 8300.
Click Ok and you will get a report that shows all qualifying payments for the Reporting Dates and customer that you have selected.
Bravo does not collect or store social security numbers. For this reason, you will want to make sure to collect the relevant information during the transaction. If the IRS 8300 Prompt is enabled, Bravo will prompt you to collect the Social Security Number from the customer whenever a transaction or group of qualifying transactions crosses the threshold.
This report is meant to aid in the filling out of IRS Form 8300, so that all qualifying and relevant transactions are captured.
For more information on the IRS 8300 Prompt for Social Security Number, please read the article here .