PawnMaster pawn software complies with the 8300 form for easy filing purposes. Here is a great article from Bob Frimet, CAMS that helps break down the 8300 form requirements.
If you, as a Pawn Broker or Dealer in Precious Metals, filled out an 8300 for any reason including a single transaction of $10,000 or more in a business day, a group of transactions that exceeded $10,000 in a 24 hour period, related transactions over the past 12 months or a designated transaction in 2011 that exceeded $10,000, you are required by law to notify your customer in writing about the 8300 filing that was filed on them.
The letter must be post-marked by January 31st 2012, and must include the following information:
1) Your Company name, address and phone number
2) Date of letter
3) Person of contact (compliance officer, manager, etc)
4) Customer name and address
5) A lump sum or break out by 8300 (your choice) that was reported on the form 8300 to the IRS in 2011
6) That the amount (as disclosed in item 3) has been reported to the internal revenue service.
The letter may be sent regular mail and a copy must be maintained in a compliance file for no less than 5 years.
Social Security numbers and other personal information should not be included in the letter to protect the privacy of the customer. Additionally, if the 8300 was filed due to a suspicious activity event, the letter of notification should NOT be sent to the customer.
Fines of $50.00 or more per missed notification can be imposed by the IRS.
Contact Data Age for more details on how PawnMaster pawn software can work for you 888-949-7296.
