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Examination Techniques for Form 8300 Industries > Casinos and Card Clubs Overview (08-21-2019)
Short Summary
This document pertains to the requirements and exemptions for casinos and card clubs regarding the reporting and recordkeeping of cash transactions. It specifies that casinos and card clubs with a gross annual gaming revenue (GAGR) of $1,000,000 or less are subject to the reporting requirements of IRC 6050I and 31 CFR 1010.330, but not the reporting, recordkeeping, and Anti-Money Laundering (AML) program requirements of 31 CFR Part 1021. The smaller casinos are only required to comply with Form 8300, which involves reporting cash payments over $10,000 received in a trade or business. However, casinos that are already required to file Currency Transaction Reports (CTRs) under the BSA regulations are exempt from the Form 8300 reporting requirement. The document also highlights the importance of distinguishing between the requirements in 31 CFR Part 1021 and the requirements for Form 8300. Additionally, the examiner is advised to determine the ownership structure of a tribal casino before conducting a Form 8300 examination, as tribal governments are not required to file Form 8300 but tribal members and others are. Furthermore, non-gaming related businesses within a casino complex, such as hotels, restaurants, and shops, are subject to Form 8300 requirements. The organizational structure of a gambling casino may vary, with larger casinos potentially having multiple casino floors and/or casino cages.
Whom does it apply to?
Casinos and card clubs with a gross annual gaming revenue (GAGR) of $1,000,000 or less
What does it govern?
Requirements and exemptions for casinos and card clubs in relation to reporting and recordkeeping of cash transactions
What are exemptions?
Casinos required to file Currency Transaction Reports (CTRs) under the Bank Secrecy Act (BSA) regulations
What are the Penalties?
No specific penalties mentioned in the provided document
Jurisdiction
U.S. Federal Government