Minnesota Management and Budget Statewide Operating Procedure Minnesota Management and Budget Issued: February 2022 Number 0602-01.2 Revised: N/A Cash Receipt Greater than $10,000 Objective To ensure cash (coin and currency) received is properly reported to the federal government timely. General Procedures Step Action Responsible Party 1. Agencies must develop internal procedures to track cash receipts greater than $10,000 received from a single payor in a single or multiple related transactions. Agency Timeline At a minimum, agencies are required to obtain the following:       Name of individual the cash was received and the name of the business the transaction was conducted on behalf of if applicable Address Date of birth for individuals Taxpayer identification number or employer identification number as applicable Identifying document ID and number (example social security number or alien identification number) and who it was issued by See IRS/FinCEN Form 8300 for further information. 2. Agencies must complete IRS/FinCEN Form 8300 to report cash receipts received greater than $10,000 in a single or multiple related transactions within 15 days to the federal government. If the 15th day falls on a Saturday, Sunday or a holiday, agencies must report on the next business day. Agency Within 15 days of receipt 3. Agencies are to submit IRS/FinCEN Form 8300 to the IRS. Agency Within 15 days of receipt 4. Agencies must send a notification to each person and/or business named on Form 8300 that this form was filed with the Internal Revenue Service (IRS) on or before January 31 of the year following the calendar year in which the cash is received. The notification should also include the amount and date filed. Agency January 31 of the following year. Step Action Responsible Party Timeline 5. Agencies must keep a copy of each Form 8300 for 5 years from the date filed. Agencies 5 years Forms: IRS/FinCEN Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Businesshttps://www.irs.gov/pub/irs-pdf/f8300.pdf See Also: IRS Form 8300 Reference Guide (https://www.irs.gov/businesses/small-businesses-self-employed/irsform-8300-reference-guide)

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