IRS form 8362 --anyone have experience with this? (nt)
Who Must File.�Any organization duly licensed or authorized to do business as a casino or gambling casino in the United States (except casinos located in Nevada) and having gross annual gaming revenues in excess of $1 million must file Form 8362. This includes the principal headquarters and every domestic branch or place of business of the casino.
Note: Nevada casinos must file Form 8852,Currency Transaction Report by Casinos -Nevada (CTRC-N), to report transactions asrequired under Nevada Regulation 6A.
What To File.�A casino must file Form 8362 for each transaction involving either currencyreceived (Cash In) or currency disbursed(Cash Out) of more than $10,000 in a gamingday. A gaming day is the normal business day of the casino by which it keeps its books and records for business, accounting, and tax purposes. Multiple transactions must be treated as a single transaction if the casino has knowledge that: (1) they are made by or on behalf of the same person, and (2) they result in either Cash In or Cash Out by the casino totalling more than $10,000 during any one gaming day. Reportable transactions may occur at a casino cage, gaming table, and/or slot machine. The casino should report both Cash In and Cash Out transactions by or on behalf of the same customer on a single Form 8362. DO NOT use Form 8362 to report receipts of currency in excess of $10,000 by nongaming businesses of a casino (e.g., a hotel); instead, use Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business.
Exceptions.�A casino does not have to report transactions with domestic banks, currency dealers or exchangers, or commercial check cashers.
