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Proof of Payment Credit card sales slip. Monthly credit card statement (all personal information not pertaining to the purchase should be redacted)

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Financial institutions must also provide regulators other documentation, such as currency transaction reports, which could be used to reconstruct the nature of the transactions. Depositors, on the other hand, must complete and submit IRS Form 8300, which initiates the currency transaction reporting process.

Each person engaged in a trade or business who, in the course of that trade or business, receives more than $10,000 in cash in one transaction or in two or more related transactions, must file Form 8300.

Since IRS Form 8300 revolves around noteworthy cash transactions of $10,000 or more, the Internal Revenue Service takes the documentation very seriously to combat money laundering. Therefore, IRS Form 8300 may trigger an audit though it is not a given.

The Form 8300, Report of Cash Payments Over $10,000 in a Trade or Business, provides valuable information to the Internal Revenue Service and the Financial Crimes Enforcement Network (FinCEN) in their efforts to combat money laundering.

The law requires that trades and businesses report cash payments of more than $10,000 to the federal government by filing IRS/FinCEN Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or BusinessPDF. Transactions that require Form 8300 include, but are not limited to: Escrow arrangement contributions.