It relieves you of the burden of additional work when a rejected form is sent back to you to correct and then to resubmit. It also helps you avoid penalties. The information you report is important to help combat illegal activities. The government can often trace money from these illegal activities through the payments reported on this and other reporting forms, such as a Currency Transaction Report.
Although many cash transactions are legitimate, the information reported can help stop those who evade taxes, profit from the drug trade, and engage in terrorist financing. So always complete the entire form.
Watch this video to learn how to complete this important form.