AFIP CERTIFICATION TEST 2025/2026
BANK 2 VERSIONS CURRENTLY
TESTING COMPLETE 600 QUESTIONS
WITH DETAILED VERIFIED ANSWERS
/ALREADY GRADED A+
What are the FinCen 8300 rules regarding related
transactions? - ....ANSWER...-Transactions between a
buyer and seller that occur within a 24-hour period are
related transactions.
-Transactions are related even if they are more than 24
hours apart if you know, or have reason to know, that each
is one of a series of connected transactions.
When to file a Form 8300 - ....ANSWER...-You must file
Form 8300 within 15 days after receiving a payment.
-If the first payment is more than $10,000, you must file
Form 8300 within 15 days.
,-If the first payment is not more than $10,000, you must
add the first payment and any later payments made within
1 year of the first payment. When the total cash payments
are more than $10,000, you must file Form 8300 within 15
days.
Do you have to notify buyers whose cash payments are
reported? What are the exceptions to the rule? -
....ANSWER...Yes. A business must notify its customers of
the filing in writing by January 31st of the subsequent
calendar year.
What constitutes a suspicious transaction and how do you
report it? - ....ANSWER...-If it appears that a person is
trying to cause you not to file Form 8300 or is trying to
cause you to file a false or incomplete Form 8300, or if there
is a sign of possible illegal activity.
-If you are suspicious, you are encouraged to call the local
IRS Criminal Investigation Division as soon as possible. Or,
you can call the FinCEN Financial Institution Hotline toll
free at 1-866-556-3974.
,The significance of reporting the Taxpayer Identification
Number accurately and the penalties for not doing so -
....ANSWER...-For individuals and sole proprietors, the
TIN is a person's Social Security Number.
-For non-resident alien individuals, the TIN is an IRS
individual Taxpayer Identification Number (ITIN)
-Failure to include all required information or inclusion of
incorrect information, on Form 8300, may result in civil or
criminal penalties. However, a filer may be able to avoid
penalties when the customer refuses to provide a TIN by
showing that its failure to file is reasonable under
circumstances.
What are the penalties for failing to file Form 8300 or for
filing false information? - ....ANSWER...-If you
intentionally disregard the requirement to file a correct
Form 8300 by the date it is due, the penalty is the greater
of:
1. $25,000, or
2. The amount of cash you received and were required to
report (up to $100,000).
, -If you willfully fail to file Form 8300, you can be fined up
to $250,000 for individuals ($500,000 for corporations) or
sentenced to up to 5 years in prison, or both.
-Any person who willfully files a Form 8300 which is false
with regard to a material matter may be fined up to
$100,000 ($500,000 in the case of a corporation), and/or
imprisoned up to three years, plus the costs of prosecution.
FinCEN 8300 recordkeeping requirements -
....ANSWER...A business should keep a copy of every
Form 8300 it files, and the required statement it sent to
customers, for at least five years from the date filed.
The IRS / FinCEN Form 8300 governs cash transactions
of more than _______. - ....ANSWER...$10,000
Usually, you must file a Form 8300 within _______ days
after receiving a qualifying cash payment. -
....ANSWER...15
While state laws may impose different standards, the
dealer must keep records relating to the IRS Reporting
BANK 2 VERSIONS CURRENTLY
TESTING COMPLETE 600 QUESTIONS
WITH DETAILED VERIFIED ANSWERS
/ALREADY GRADED A+
What are the FinCen 8300 rules regarding related
transactions? - ....ANSWER...-Transactions between a
buyer and seller that occur within a 24-hour period are
related transactions.
-Transactions are related even if they are more than 24
hours apart if you know, or have reason to know, that each
is one of a series of connected transactions.
When to file a Form 8300 - ....ANSWER...-You must file
Form 8300 within 15 days after receiving a payment.
-If the first payment is more than $10,000, you must file
Form 8300 within 15 days.
,-If the first payment is not more than $10,000, you must
add the first payment and any later payments made within
1 year of the first payment. When the total cash payments
are more than $10,000, you must file Form 8300 within 15
days.
Do you have to notify buyers whose cash payments are
reported? What are the exceptions to the rule? -
....ANSWER...Yes. A business must notify its customers of
the filing in writing by January 31st of the subsequent
calendar year.
What constitutes a suspicious transaction and how do you
report it? - ....ANSWER...-If it appears that a person is
trying to cause you not to file Form 8300 or is trying to
cause you to file a false or incomplete Form 8300, or if there
is a sign of possible illegal activity.
-If you are suspicious, you are encouraged to call the local
IRS Criminal Investigation Division as soon as possible. Or,
you can call the FinCEN Financial Institution Hotline toll
free at 1-866-556-3974.
,The significance of reporting the Taxpayer Identification
Number accurately and the penalties for not doing so -
....ANSWER...-For individuals and sole proprietors, the
TIN is a person's Social Security Number.
-For non-resident alien individuals, the TIN is an IRS
individual Taxpayer Identification Number (ITIN)
-Failure to include all required information or inclusion of
incorrect information, on Form 8300, may result in civil or
criminal penalties. However, a filer may be able to avoid
penalties when the customer refuses to provide a TIN by
showing that its failure to file is reasonable under
circumstances.
What are the penalties for failing to file Form 8300 or for
filing false information? - ....ANSWER...-If you
intentionally disregard the requirement to file a correct
Form 8300 by the date it is due, the penalty is the greater
of:
1. $25,000, or
2. The amount of cash you received and were required to
report (up to $100,000).
, -If you willfully fail to file Form 8300, you can be fined up
to $250,000 for individuals ($500,000 for corporations) or
sentenced to up to 5 years in prison, or both.
-Any person who willfully files a Form 8300 which is false
with regard to a material matter may be fined up to
$100,000 ($500,000 in the case of a corporation), and/or
imprisoned up to three years, plus the costs of prosecution.
FinCEN 8300 recordkeeping requirements -
....ANSWER...A business should keep a copy of every
Form 8300 it files, and the required statement it sent to
customers, for at least five years from the date filed.
The IRS / FinCEN Form 8300 governs cash transactions
of more than _______. - ....ANSWER...$10,000
Usually, you must file a Form 8300 within _______ days
after receiving a qualifying cash payment. -
....ANSWER...15
While state laws may impose different standards, the
dealer must keep records relating to the IRS Reporting
