By when must a written statement be sent to individuals named on an 8300 form?

A written statement must be sent to individuals named on an 8300 form by January 31st of the following year. This requirement is part of the IRS regulations regarding the reporting of cash transactions over $10,000. The purpose of the 8300 form is to help the IRS track large cash transactions for potential money laundering and tax evasion. By establishing a deadline of January 31st, it ensures that individuals are informed of the report filed regarding their transaction within a timely manner. This timeframe allows those individuals to be aware of the information reported to the IRS and take any necessary actions, such as reviewing for accuracy or understanding tax implications.