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New Business Requirements: e-file Form 8300 for $10,000 + cash payments in 2024

Certain businesses that receive payments of over $10,000 in cash must file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business, electronically starting in 2024, the IRS said Wednesday in a news release (IR-2023-157). This new requirement applies to businesses that are required to file at least 10 information returns of one or more types other than Form 8300 in 2024.

Over 400,000 Forms 8300 were filed in the calendar year 2022. An IRS representative said the Service could not immediately determine the number of Forms 8300 that were filed on paper versus electronically.

The IRS noted that although many cash transactions are legitimate, the information on a Form 8300 can help the government fight tax evaders, drug traders, and those who finance terrorism.

Businesses can create an account with FinCen’s BSA E-Filing System to e-file Forms 8300. A person generally must file Form 8300 within 15 days after the date the person received the cash.

A business must keep a copy of every Form 8300 it files, along with any supporting documentation and the required statement it sends to customers, for five years from the date filed. The IRS said that retaining the email confirmation of filing a Form 8300 does not meet the record-keeping requirement. Filers also must save a copy of the form — either electronically or on paper — before they finalize the submission and should associate the confirmation number they receive with the copy.

Due to undue hardship, a business may request a waiver from electronically filing information returns, including Form 8300. However, a business may not request an e-filing waiver that would apply to Form 8300. When submitting a paper-filed return, the business must include the word “Waiver” on the center top of each Form 8300 (page 1).

Also, filers are automatically exempt from filing Form 8300 electronically if using the required technology conflicts with their religious beliefs. The filer must include the words “RELIGIOUS EXEMPTION” on the center top of each Form 8300 (page 1) when submitting the paper filed return.

Click here to read more from the Journal of Accountancy.

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