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TIP # 00A01-40
DATE ISSUED: 11/14/00

Reports of Large Currency Transactions

The Florida Department of Revenue is now required to provide data received on reports of large currency transactions to the Florida Department of Law Enforcement.

Florida law requires an individual, corporation, partnership, trust, estate, association or company engaged in a trade or business, except for those financial institutions that report to the State Comptroller, that receives more than $10,000 in currency, including foreign currency, in one transaction, or in two or more related transactions, to complete and file with the Florida Department of Revenue the same information required under Title 26, United States Code, s. 6050I on Federal Form 8300. A transaction includes the purchase of property or services, the payment of debt, the exchange of a negotiable instrument for cash, and the receipt of cash to be held in escrow or trust. A single transaction may not be broken into multiple transactions to avoid reporting.

How to Report

A completed copy of the Federal Form 8300 will satisfy the state reporting requirements. In lieu of filing Form 8300, a self-designed report may be used provided the report contains substantially the same information as required on Form 8300. Federal Form 8300 may be obtained from the Internal Revenue Service (IRS) web site, www.irs.ustreas.gov, or by calling the IRS forms line, 1-800-TAX-FORM (1-800-829-3676).

When To File

Large currency transaction reports must be filed with the Florida Department of Revenue no later than 15 days after the date the transaction is required to be reported to the IRS. Generally, Federal Form 8300 must be filed with the IRS within 15 days after receiving a payment(s) exceeding the $10,000 threshold.

Where To File

File the form with the Florida Department of Revenue, P.O. Box 6609, Tallahassee, Florida 32314-6609.

Penalties

Any person who willfully fails to comply with these reporting requirements is guilty of a misdemeanor of the first degree, punishable as provided in s. 775.082, F.S., or by a maximum fine of $250,000, or by both imprisonment and fine. Second and subsequent convictions carry greater fines. A copy of each large currency transaction report must be retained for five years from the date of filing.



FOR MORE INFORMATION

This document is intended to alert you to the requirements contained in Florida laws and administrative rules. It does not by its own effect create rights or require compliance.

For forms and other information, visit our site at www.myflorida.com/dor. Or call Tax Information Services, Monday through Friday, 8:00 a.m., to 7:00 p.m., ET, at 800-352-3671 (for Florida residents only), or 850-488-6800

Hearing- or speech- impaired persons should call our TDD at 1-800-367-8331 or 850-922-1115.

For a detailed written response to your questions, write the Florida Department of Revenue, Tax Information Services, 1379 Blountstown Highway, Tallahassee, FL 32304-2716.

To receive a fax copy of a form, call 850-922-3676 from your fax machine telephone.

References:

Section 896.102, F.S.