- The IRS has announced that from January 1, 2024, businesses will be required to electronically file Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return.
- This new requirement applies to businesses that receive more than $10,000 in cash and is aimed at combatting tax evasion, drug trade, terrorist financing, and other criminal activities.
- The new requirement for e-filing Forms 8300 applies to businesses mandated to e-file certain other information returns.
- Businesses must e-file all Forms 8300 if they’re required to file at least 10 information returns other than Form 8300.
- A business may file a request for a waiver from electronically filing information returns due to undue hardship. If the IRS grants a waiver from e-filing any information return, that waiver automatically applies to all Forms 8300 for the duration of the calendar year.
- If using the technology required to e-file conflicts with a filer’s religious beliefs, they are automatically exempt from filing Form 8300 electronically.
- A business must keep a copy of every Form 8300 it files, as well as any supporting documentation and the required statement it sends to customers, for five years from the date filed.
- To file Forms 8300 electronically, a business must set up an account with the Financial Crimes Enforcement Network’s BSA E-Filing System.
Source IRS
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