NJ CAR wants to remind all dealers to contact any purchaser for whom you were required to file a Form 8300 (Cash Reporting) in 2017. Each purchaser should receive notice, by January 31, 2025, that your dealership has filed Form 8300 with the Internal Revenue Service (IRS).
The statement must show the name and address of the dealership, the total amount of reportable cash received, and indicate that the information was provided to the IRS. Don’t forget to keep a copy of the correspondence for your own records.
As we have provided in the past, below is potential language you can use to counter the “surprise” some customers may experience in being informed of your dealership’s cash reporting responsibilities:
Dear Customer:
We are required by the Internal Revenue Service (IRS) to report transactions involving more than $10,000 in cash and “cash equivalents,” under the provisions of 25 U.S.C. 60501. We have filed a Form 8300 with the IRS on (month, day, 2025), indicating that you provided us with (dollar amount) in connection with the purchase of your (year, make, model). We wanted you to know that we have complied with this federal reporting requirement. Again, we thank you for your patronage.
Dealerships should make sure they are using the most recent version of Form 8300. Businesses, including auto retailers, also have the option of filing Form 8300 electronically. Go to https://bsaefiling.fincen.treas.gov/main.html for additional details.