BUSINESSES MUST ELECTRONICALLY FILE FORM 8300, REPORT OF CASH PAYMENTS OVER $10,000, BEGINNING JANUARY 1, 2024
The Internal Revenue Service today announced that starting January 1, 2024, businesses are required to electronically file (e-file) Form 8300, Report of Cash Payments Over $10,000 instead of filing a paper return. This new requirement follows final regulations amending e-filing rules for information returns, including Form 8300.
Businesses that receive more than $10,000 in cash must report transactions to the U.S. government. Although many cash transactions are legitimate, information reported on Form 8300 can help combat those who evade taxes, profit from the drug trade, engage in terrorist financing or conduct other criminal activities. The government can often trace money from these illegal activities through payments reported on Form 8300 that are timely filed, complete, and accurate.
The new requirement for e-filing Form 8300 applies to businesses mandated to e-file certain other information returns, such as Forms 1099 series and Forms W-2. Electronic filing and communication options will be simpler and will make it easier to interact with the IRS.
Waivers:
A business may file a request for a waiver from electronically filing information returns due to undue hardship.
This document is designed for general information only. The information presented in this document should not be construed to be formal legal or tax advice nor the formation of a lawyer/client relationship.
For more information on this and other topics, please contact Kevin via any of the channels listed below:
📧 kevin@kmckernan.com | 📞 718-317-5007