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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
OMB Control No:
1506-0018
ICR Reference No:
202102-1506-001
Status:
Active
Previous ICR Reference No:
201710-1506-001
Agency/Subagency:
TREAS/FINCEN
Agency Tracking No:
Title:
Reports Relating to Currency in Excess of $10,000 Received in a Trade or Business, or Received as Bail by Court Clerks; Form 8300 (31 CFR 1010.330 and 31 CFR 1010.331).
Type of Information Collection:
Extension without change of a currently approved collection
Common Form ICR:
No
Type of Review Request:
Regular
OIRA Conclusion Action:
Approved without change
Conclusion Date:
04/30/2021
Retrieve Notice of Action (NOA)
Date Received in OIRA:
02/24/2021
Terms of Clearance:
Inventory as of this Action
Requested
Previously Approved
Expiration Date
04/30/2024
36 Months From Approved
04/30/2021
Responses
323,068
0
329,903
Time Burden (Hours)
161,534
0
164,952
Cost Burden (Dollars)
0
0
0
Abstract:
31 U.S.C. 5331 of the BSA and 26 U.S.C. 6050I of the Internal Revenue Code require that certain transactions be reported to both FinCEN and the Internal Revenue Service (IRS) in the form and manner prescribed by the Secretary of the Treasury. The BSA implementing regulations are found at 31 CFR 1010.330 and 31 CFR 1010.331, respectively, and require: (1) any person engaged in a trade or business (other than a financial institution required to file currency transaction reports under FinCEN regulations) who, in the course of that trade or business, receives more than $10,000 in coins or currency in one transaction or two or more related transactions, and (2) any clerk of a federal or state court who receives more than $10,000 in currency as bail for any individual charged with a specified criminal offense, to report these transactions on the Form 8300.
Authorizing Statute(s):
US Code:
31 USC 5331
Name of Law: Money and Finance - Monetary Transactions
US Code:
26 USC 6050I
Name of Law: Internal Revenue Code
Citations for New Statutory Requirements:
None
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
60-day Notice:
Federal Register Citation:
Citation Date:
85 FR 78932
12/07/2020
30-day Notice:
Federal Register Citation:
Citation Date:
86 FR 11379
02/24/2021
Did the Agency receive public comments on this ICR?
Yes
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
Reports Relating to Currency in Excess of $10,000 Received in a Trade or Business, or Received as Bail by Court Clerks; Form 8300 (31 CFR 1010.330 and 31 CFR 1010.331).
8300
Report of Cash Payments Over $10,000 Received in a Trade or Business
ICR Summary of Burden
Total Approved
Previously Approved
Change Due to New Statute
Change Due to Agency Discretion
Change Due to Adjustment in Estimate
Change Due to Potential Violation of the PRA
Annual Number of Responses
323,068
329,903
0
0
-6,835
0
Annual Time Burden (Hours)
161,534
164,952
0
0
-3,418
0
Annual Cost Burden (Dollars)
0
0
0
0
0
0
Burden increases because of Program Change due to Agency Discretion:
No
Burden Increase Due to:
Burden decreases because of Program Change due to Agency Discretion:
No
Burden Reduction Due to:
Short Statement:
The estimated total annual burden hours decreased from 164,952 hours to 161,534 hours since the last control number renewal in 2017. The estimated burden for reporting and recordkeeping remained at 30 minute per respondent. The decrease in burden is a result of a decrease in the estimated number of Form 8300s filed in 2017 (329,903 x 30 minutes = 164,952 hours) and 2019 (323,067 x 30 minutes = 161,534 hours).
Annual Cost to Federal Government:
$32,306
Does this IC contain surveys, censuses, or employ statistical methods?
No
Does this ICR request any personally identifiable information (see
OMB Circular No. A-130
for an explanation of this term)? Please consult with your agency's privacy program when making this determination.
Yes
Does this ICR include a form that requires a Privacy Act Statement (see
5 U.S.C. §552a(e)(3)
)? Please consult with your agency's privacy program when making this determination.
Yes
Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]?
No
Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]?
No
Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)?
No
Is this ICR related to the Pandemic Response?
No
Agency Contact:
FinCEN Resource Center 800 767-2825 frc@fincen.gov
Common Form ICR:
No
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(a) It is necessary for the proper performance of agency functions;
(b) It avoids unnecessary duplication;
(c) It reduces burden on small entities;
(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;
(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;
(f) It indicates the retention periods for recordkeeping requirements;
(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.
(i) It uses effective and efficient statistical survey methodology (if applicable); and
(j) It makes appropriate use of information technology.
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Certification Date:
02/24/2021
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