- The personal wire transfer into the personal or business account is a reportable transaction when the payment exceeds $10,000. The payment can be received in one or multiple payments and can be completed as a single transaction or as multiple transactions, as long as it is completed within a 12-month period.
- The Bank Secrecy Act requires all individuals and businesses to report qualifying wire transfers and cash transactions that result from trade or business. While these transactions are often obvious for businesses, the reporting requirements can be less obvious for individuals. Some common qualifying activities include selling a vehicle, selling or trading real estate, and repaying or receiving payment from a personal loan.
- Individuals are required to use IRS Form 8300: Report of Cash Payments Over $10,000 Received in a Trade or Business to report their qualifying personal wire transfer or transaction. Although the IRS recommends filing the form within 24 hours of completed transaction, the form must be completed by the "15th day after the date the cash was received," according to the general instructions on the form. It is important to always file the most recent version of the form to prevent inaccuracies.
- The U.S. Department of Treasury's Financial Crimes Enforcement Network provides an online filing system to promote accurate and timely filing. The Bank Secrecy Act E-Filing System, or BSA E-Filing System, is only available to registered users. There is no cost involved with BSA E-Filing System registration.