Cash payments may trigger Form 8300 e-filing requirement in 2024
Guarding against tax evaders, drug traders, and those who finance terrorism, the IRS requires certain businesses that receive payments of more than $10,000 in cash to file a Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business. In 2024, that form will have a new electronic filing requirement for businesses, if they are required to file at least 10 information returns of one or more types other than Form 8300.
Businesses can create an account with FinCen’s BSA E-Filing System to e-file Forms 8300. Generally, the Form 8300 must be filed within 15 days after the date the cash was received.
A business may file a request for a waiver from electronically filing information returns, including Form 8300, because of undue hardship. For more information on filing this form, or others, for your business, please contact a ShindelRock tax professional.