The focus of our practice is civil and criminal taxpayer representation, and whether in Stamford, Connecticut or elsewhere, the IRS is the best agency for collecting and handling financial information, and has therefore increased its focus on 8300 Exams in Stamford, Connecticut and elsewhere.
When we represent taxpayers before the IRS or the Department of Justice Tax Division, we often have to explain the administrative powers the IRS examiners or criminal investigators have. IRC § 6050I requires the filing of a form to report cash receipts in excess of $10,000 by any business. It also makes it a violation for taxpayers to structure their financial transactions in a manner to evade the reporting.
But what is an “8300” Audit?
The IRS and FinCen require businesses to report the receipt of cash and cash equivalents with Form 8300, which can be located on both the IRS website and the FinCen website. The examiner, which works for the United States Treasury department but may or may not be an IRS agency employee, will send notice of the exam and then seek to review the transactions that have occurred and to make sure they were properly reported on the 8300 Form. Failure by the business to properly report the currency transactions can lead to both civil and criminal penalties. If the failure to properly file is willful there is a minimum fine $25,000 for civil violations, and criminal prosecution can result in imprisonment for up to 5 years or fines of up to $250,000 for individuals ($500,000 for corporations).
The IRS has recently been focusing on automobile dealers and jewlers, as well as dealers in precious metals and jewels.
If you would like to discuss IRS 8300 Exams or other IRS tax matters in Stamford, Connecticut, or any other area of Connecticut, please feel free to contact me at (203) 602-5550 or by email at egreen@convicerpercy.com
Eric L. Green, Esq.
Convicer, Percy & Green, LLP
60 Long Ridge Road, Suite 202
Stamford, CT 06902
Ph. (203) 602-5550
Fax: 203-286-1311
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