Page |1
AFIP CERTIFICATION TEST VERSIONS 2 2025/2026 NEWEST
ACTUAL EXAM WITH COMPLETE QUESTIONS AND
VERIFIED ANSWERS |ALREADY GRADED A+|
When to file a Form 8300 - ANSWERS--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? - ANSWERS-Yes. A
business must notify its customers of the filing in writing by
January 31st of the subsequent calendar year.
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What constitutes a suspicious transaction and how do you report
it? - ANSWERS--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 - ANSWERS--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
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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? - ANSWERS--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.
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FinCEN 8300 recordkeeping requirements - ANSWERS-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 _______. - ANSWERS-$10,000
Usually, you must file a Form 8300 within _______ days after
receiving a qualifying cash payment. - ANSWERS-15
While state laws may impose different standards, the dealer must
keep records relating to the IRS Reporting Rule (copies of the
Form 8300 and supporting documents) on file for _______ years.
- ANSWERS-5
(True/False) Regardless of the amount of cash received or how it
is apportioned, if the transaction appears to be suspicious, a
dealership should file a Form 8300. - ANSWERS-True
AFIP CERTIFICATION TEST VERSIONS 2 2025/2026 NEWEST
ACTUAL EXAM WITH COMPLETE QUESTIONS AND
VERIFIED ANSWERS |ALREADY GRADED A+|
When to file a Form 8300 - ANSWERS--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? - ANSWERS-Yes. A
business must notify its customers of the filing in writing by
January 31st of the subsequent calendar year.
, Page |2
What constitutes a suspicious transaction and how do you report
it? - ANSWERS--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 - ANSWERS--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
, Page |3
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? - ANSWERS--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.
, Page |4
FinCEN 8300 recordkeeping requirements - ANSWERS-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 _______. - ANSWERS-$10,000
Usually, you must file a Form 8300 within _______ days after
receiving a qualifying cash payment. - ANSWERS-15
While state laws may impose different standards, the dealer must
keep records relating to the IRS Reporting Rule (copies of the
Form 8300 and supporting documents) on file for _______ years.
- ANSWERS-5
(True/False) Regardless of the amount of cash received or how it
is apportioned, if the transaction appears to be suspicious, a
dealership should file a Form 8300. - ANSWERS-True
