Supporting Statement
(Form 8300)
1. CIRCUMSTANCES NECESSITATING COLLECTION OF INFORMATION
31 CFR 103.30 requires any person in a trade or business who receives more than $10,000 in cash or foreign currency in the course of the business to file a joint form 8300 with the Financial Crimes Enforcement Network (FinCEN) and the IRS (one form satisfies both requirements) and to furnish the payer with a statement by January 31 of the year following the year of receipt.
2. USE OF DATA
The information contained on Form 8300 is used by criminal investigators, as well as taxation and regulatory enforcement authorities, during the course of investigations that involve money laundering, tax violations, fraud and other financial crimes.
3. USE OF IMPROVED INFORMATION TECHNOLOGY TO REDUCE BURDEN
Form 8300 cannot be filed electronically, since its relatively low volume does not justify the cost electronic enabling. The form is available in a fill-in format for completion on a PC.
4. EFFORTS TO IDENTIFY DUPLICATION
We relieve financial institutions, who must report currency transactions in excess of $10,000 under Title 31 on FinCEN Form 104, from filing Form 8300.
5. METHODS TO MINIMIZE BURDEN ON SMALL BUSINESSES OR OTHER SMALL ENTITIES
This collection of information does not impact small entities.
6. CONSEQUENCES OF LESS FREQUENT COLLECTION ON FEDERAL PROGRAMS OR POLICY ACTIVITIES
The transaction must be reported within 15 days in order to have current information. Requiring filing less often may impose a burden on filers by requiring them to establish a system of retaining this information for a later filing. By requiring transactional reporting, filers are less likely to forget to file. Also, the information is received throughout the year on a current basis. Trends and patterns can be discovered.
7. SPECIAL CIRCUMSTANCES REQUIRING DATA COLLECTION TO BE INCONSISTENT WITH GUIDELINES
There are no special circumstances.
8. CONSULTATION WITH INDIVIDUALS OUTSIDE OF THE AGENCY ON AVAILABILITY OF DATA, FREQUENCY OF COLLECTION, CLARITY OF INSTRUCTIONS AND FORMS, AND DATA ELEMENTS
In response to the Federal Register notice dated September 16, 2009, 74 FR 47643, we received no comments during the comment period regarding Form 8300.
9. EXPLANATION OF DECISION TO PROVIDE ANY PAYMENT OR GIFT TO RESPONDENTS
No payments or gifts were made to respondents.
10. ASSURANCE OF CONFIDENTIALITY OF RESPONSES
Information collected on Form 8300 is made available, in accordance with strict safeguards, to appropriate criminal law enforcement, regulatory, and taxation personnel solely in the official performance of their duties.
11. JUSTIFICATION OF SENSITIVE QUESTIONS
No sensitive questions are asked
12. ESTIMATED BURDEN OF INFORMATION COLLECTION
Frequency: As required.
Estimated Number of Respondents: 46,800
Estimated Number of Annual Responses: 140,400.
Estimate of Burden: Reporting average of 20 minutes per response; recordkeeping average of
10 minutes per response for a total of 30 minutes.
Estimate of Total Annual Burden on Respondents: 70,200 hours
13. ESTIMATED TOTAL ANNUAL COST BURDEN TO RESPONDENTS
Not applicable.
14. ESTIMATED ANNUALIZED COST TO THE FEDERAL GOVERNMENT
Not applicable.
15. REASONS FOR CHANGE IN BURDEN
Previous reported burden was reflected under IRS provisions under Title 26 of the Tax Code.
16. PLANS FOR TABULATION, STATISTICAL ANALYSIS AND PUBLICATION
This collection of information will not be published.
17. Request not to Display Expiration Date of OMB Control Number.
To avoid having to reprint the form to show a new date, FinCEN is requesting permission not to display the OMB expiration date on the Form 8300.
18. EXCEPTION TO THE CERTIFICATION STATEMENT ON OMB FORM 83-I
There are no exceptions to the certification statement on OMB Form 83-1.
| File Type | application/msword |
| Author | StephR |
| Last Modified By | stephr |
| File Modified | 2009-10-13 |
| File Created | 2009-10-13 |