The Patriot Act of October 2001 created a new Section 5331 of the Bank Secrecy Act, which imposes on trades and businesses, including car dealers, jewelers and others, the duty to report cash receipts of more than $10,000 under the BSA. The Patriot Act, however, did not repeal the tax code provision that requires the same thing. As a result, those businesses must now report the same information under two separate laws. A new joint IRS/FinCEN Form 8300, released by FinCEN in December, addresses that problem. It is available at www.ustreas.gov/fincen. The old Forms 8300 should be destroyed. Under the...
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