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Bank Secrecy Act and Form 8300: Reporting Cash Payments Over $10,000, Identifying Prohibited Structured Transactions

Recording of a 110-minute CPE webinar with Q&A

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Conducted on Tuesday, August 20, 2019

Recorded event now available

This course will provide accounting and audit advisers with a practical guide to the cash transaction reporting requirements of the Bank Secrecy Act (BSA). The panelist will detail the reporting requirements for individual and series transactions in excess of $10,000 on Form 8300, and discuss strategies for handling BSA audits and addressing past noncompliance.

Description

An integral part of the anti-money laundering provisions of the BSA requires businesses to report the receipt of any cash payment over $10,000 arising from a single or series of transactions, on Form 8300. Even unintentional reporting failures can be costly, resulting in civil penalties per occurrence, while willful failures or attempts to evade reporting can result in criminal sanctions.

Audit and accounting advisers can play a significant role in identifying and remedying BSA disclosure failures. The statute requires businesses to report "related" receipts arising from a single or set of transactions if the aggregate cash received exceeds the $10,000 threshold. Even more critically, the anti-money laundering statute prohibits "structuring" transactions to evade BSA reporting requirements.

With the increasing presence of cash-intensive legal cannabis business and cryptocurrency transactions, BSA compliance is generating more attention from both the IRS and FinCen. BSA examinations often drag on for extended periods, and examiners can refer cases to IRS Criminal Investigation or FinCEN.

Listen as our panelist explains how to comply with BSA cash reporting requirements, handle a BSA audit and address prior noncompliance.

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Outline

  1. Transactions subject to reporting
  2. Compliance requirements
  3. Related transactions and evasion
  4. The BSA audit
  5. Addressing past noncompliance

Benefits

The panelist will review these and other important issues:

  • Identifying and reporting cash transactions subject to reporting
  • Identifying related transactions subject to reporting
  • Handling a BSA audit
  • Addressing prior noncompliance
  • Mitigating BSA penalties

Faculty

McLaughlin, Kevan
Kevan P. McLaughlin
Founder
McLaughlin Legal

Mr. McLaughlin focuses his practice on all aspects of Federal and California tax law, with a special emphasis on...  |  Read More