Beginning Jan. 1, 2024, businesses that file 10 or more information returns must e-file Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. For those with fewer information returns, e-filing Form 8300 is still optional. To file electronically Form 8300, a business must set up an account with the Financial Crimes Enforcement Network's BSA E-Filing System. The IRS will ensure the privacy and security of all taxpayer data.
Businesses that receive more than $10,000 in cash must report transactions to the U.S. government. Information reported on Form 8300 can help uncover tax evaders, criminals profiting from the drug trade and others committing potentially criminal conduct.
The requirement for e-filing Form 8300 applies to businesses that are required to e-file certain other information returns such as Form 1099 series and Form W-2.
Waivers and exemptions
If filing electronically would cause undue hardship, a business may request a waiver by submitting Form 8508, Application for a Waiver from Electronic Filing of Information Returns. If the IRS grants a waiver from e-filing any information return, that waiver automatically applies to all Form 8300s for the rest of the calendar year. A business may not request a waiver from filing electronically only Form 8300. If a waiver is given, the business must include the word "waiver" on the center top of each Form 8300 when submitting a paper filed return.
If using the e-file technology conflicts with a filer's religious beliefs, they are automatically exempt from filing electronically. The filer must include the words "religious exemption" on the top of each Form 8300 when submitting the paper return.
Let us know if you require clarification and/or any questions on the matter. Thanks.
Victor Molokwu, CPA
Website: cpavictormolokwu.com
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