8300 Forms

I was talking with ICTA the other day about a few cash transactions in coins/bullion, and my taxes. No CPA has given me any warnings about the need to file certain forms in doing taxes, except the basic tax forms when paying taxes. For example, I was given over 10K in cash last fall at the Baltimore show. ICTA told me IRS/CID goes after failure to file 8300 forms and cash structuring.

Here are a few convictions in the Constitution State recently on "structuring" crimes:

http://www.justice.gov/usao/ct/Press2010/20100217-1.html

http://www.justice.gov/usao/ct/Press2010/20100216.html

http://www.justice.gov/usao/ct/Press2010/20100301.html

It could be that these cases have other "crime" tie-ins, I have none. However, it might be wise to get the one 8300 form filed for a cash transaction where I deposited the cash in my bank account.

I spoke with Ed Brown's coin dealer recently--you know the guy who had a stand-off with the FEDs over taxes--he went to jail for a long, long time. The coin dealer probably followed most of the laws in dealing with him. ICTA cited Silvertown's troubles for not filing certain 8300 forms.

 

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Here is a PDF of the IRS Form 8300 and attached instructions.

 

Thanks. It could be that ICTA is being overly zealous in recommending the filing of these forms. The rep. told me that the IRS isn't particularly rigorous in what they do with these filed forms but they do have wide latitude if they are not filed.

Here is ICTA's website: http://www.ictaonline.org/

Here is the Silvertowne issue: http://www.fdic.gov/bank/individual/enforcement/5235.html

 

I would, To be on the safe side!! The IRS can be a royal pain in the you
Know what!!

 

Keeping transactions to under $10K should avoid most tax forms. (I am not an atty. though.)

 

They keep changing the rules!! So your best bet is to consult a C.P.A or
An attorney like the Noost suggests!

 

http://www.justice.gov/usao/ct/Press2010/20100217-1.html


That's what Mr. Stevens did. For all we know he was withdrawing cash to buy coins privately and confidentially. We all know how the government prints money out of thin air--they can also generate suits at will.

 

Even though Form 8300 is an IRS form, it's NOT about taxes. It's about detecting money laundering. Therefore, when misinformed individuals "stucture" payments and deposits because they think they are avoid taxes, they violate the law and make it appear they are hiding laundering transactions. If you are NOT laundering, don't worry about your $10K transactions being reported.

 

A transaction involving under $10,000 is not reportable on this form.

A transaction split into smaller parts, each under $10,000, is STILL REPORTABLE.

 

Per year??

 

I assume you're not involved with any terrorist activity? Not to worry.....