{"id":30575,"date":"2023-11-01T08:00:00","date_gmt":"2023-11-01T13:00:00","guid":{"rendered":"https:\/\/taxprocenter.proconnect.intuit.com\/?p=30575"},"modified":"2023-10-30T12:39:41","modified_gmt":"2023-10-30T17:39:41","slug":"businesses-report-cash-payments-10k-1-1-24","status":"publish","type":"post","link":"https:\/\/accountants.intuit.com\/taxprocenter\/tax-law-and-news\/businesses-report-cash-payments-10k-1-1-24\/","title":{"rendered":"Businesses report cash payments $10k+: 1\/1\/24"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">According to the IRS, starting Jan. 1, 2024, businesses are required to electronically file (e-file)\u00a0<a href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/form-8300-and-reporting-cash-payments-of-over-10000\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">Form 8300<\/a>, <em>Report of Cash Payments Over $10,000<\/em>, instead of filing a paper return.\u00a0This new requirement follows\u00a0<a href=\"https:\/\/www.irs.gov\/newsroom\/irs-and-treasury-issue-final-regulations-on-e-file-for-businesses\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">final regulations<\/a> amending e-filing rules for information returns,\u00a0including Form 8300.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The new requirement for e-filing Form 8300 applies to businesses mandated to e-file certain other information returns, such as\u00a0Forms 1099 series and Forms W-2.\u00a0Electronic filing and communication options will be simpler and will make it easier to interact with the IRS. Beginning with calendar year 2024,\u00a0businesses\u00a0must e-file\u00a0all Forms 8300 (and other certain types of information returns required to be filed in a given calendar year) if they are required to file at least 10 information returns other than Form 8300.\u00a0<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For example, if a business files five Forms W-2 and five Forms 1099-INT, then the business must e-file all their information returns during the year, including any Form 8300s. However, if the business files fewer than 10 information returns of any type, other than Form 8300, then that business does not have to e-file the information returns and is not required to e-file any Form 8300s. However, businesses not required to e-file may still choose to do so.<\/p>\n\n\n\n<p class=\"has-x-large-font-size wp-block-paragraph\"><strong>Waivers<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A business may file a request for a waiver from electronically filing information returns due to undue hardship. For more information businesses can refer to\u00a0<a href=\"https:\/\/www.irs.gov\/pub\/irs-pdf\/f8508.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">Form 8508<\/a>, <em>Application for a Waiver from Electronic Filing of Information Returns<\/em>.\u00a0If the IRS grants a waiver from e-filing any information return, that waiver automatically applies to all Form 8300s for the duration of the calendar year. A business may not request a waiver from filing\u00a0only\u00a0Forms 8300 electronically.\u00a0\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>The business must include the word \u201cWaiver\u201d on the center top of each Form 8300 (Page 1) when submitting a paper filed return.<\/li>\n\n\n\n<li>If a business is required to file fewer than 10 information returns other than Form 8300 during the calendar year, the business may file Form 8300 in paper form without requesting a waiver.\u00a0<\/li>\n\n\n\n<li>If a business files less than 10 information returns, it can still choose to e-file Form 8300 electronically if it chooses to do so.\u00a0<\/li>\n<\/ul>\n\n\n\n<p class=\"has-x-large-font-size wp-block-paragraph\"><strong>Exemptions<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">If using the technology required to e-file conflicts with a filer\u2019s religious beliefs, they are automatically exempt from filing Form 8300 electronically. The filer must include the words \u201cRELIGIOUS EXEMPTION\u201d on the center top of each Form 8300 (page 1)&nbsp;when submitting the paper filed return.&nbsp;<\/p>\n\n\n\n<p class=\"has-x-large-font-size wp-block-paragraph\"><strong>Late returns<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">A business must self-identify late returns. A business must file a late Form 8300 in the same way as a timely filed Form 8300, either electronically or on paper. A business filing a late Form 8300 electronically must include the word \u201cLATE\u201d in the comments section of the return. A business filing a late Form 8300 on paper must write \u201cLATE\u201d on the center top of each Form 8300 (page 1).<\/p>\n\n\n\n<p class=\"has-x-large-font-size wp-block-paragraph\"><strong>Recordkeeping<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">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.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Filing electronically will provide a confirmation that the form was filed; however, e-file confirmation e-mails alone does not meet the recordkeeping requirement. When e-filing, filers must also save a copy of the form prior to finalizing the form submission. They should associate the confirmation number with the saved copy.\u00a0Prior to finalizing the form for submission, businesses should save a copy of the form electronically or print a copy of the form.<\/p>\n\n\n\n<p class=\"has-x-large-font-size wp-block-paragraph\"><strong>E-filing<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Many businesses have already found the free and secure e-filing system to be a more convenient, cost-effective way to meet the reporting deadline of 15 days after a transaction. They get free email acknowledgment of receipt of the form when they e-file. Businesses can batch e-file their reports, which is especially helpful to those required to file many forms.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">To file Form 8300 electronically, a business must set up an account with the Financial Crimes Enforcement Network&#8217;s\u00a0<a href=\"https:\/\/bsaefiling.fincen.treas.gov\/main.html\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">BSA E-Filing System<\/a>.\u00a0The\u00a0IRS will ensure the privacy and security of all taxpayer data.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For more information, interested businesses can call the Bank Secrecy Act E-Filing Help Desk at\u00a0866-346-9478\u00a0or email them at\u00a0<a href=\"mailto:BSAEFilingHelp@fincen.gov\" target=\"_blank\" rel=\"noreferrer noopener\">BSAEFilingHelp@fincen.gov<\/a>.\u00a0For more information about the BSA E-Filing System, businesses can complete a technical support request at\u00a0<a href=\"https:\/\/bsaefiling1.fincen.treas.gov\/HelpTicketForm\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">Self Service Help Ticket<\/a> (treas.gov).\u00a0The help desk is available Monday through Friday from 8 a.m. to 6 p.m. EST.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">For more information about the reporting requirement, see\u00a0<a href=\"https:\/\/www.irs.gov\/newsroom\/e-file-form-8300-reporting-of-large-cash-transactions\" target=\"_blank\" rel=\"noreferrer noopener\" target=\"_blank\">FS-2023-19<\/a>\u00a0on IRS.gov.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Get more information on an important IRS reporting requirement that will be mandatory beginning Jan. 1, 2024. <\/p>\n","protected":false},"author":104275893,"featured_media":31406,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rkv_reviewed_by_select":[],"rkv_browse_by_id":0,"rkv_cta_id":0,"rkv_optimize_for_pagespeed":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"useModifiedDate":false,"customPublishDate":"","customModifiedDate":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[509474089],"tags":[7649],"intuit_collection":[],"intuit_series":[],"coauthors":[509474241],"class_list":["post-30575","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-law-and-news","tag-irs"],"header_image":"","yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>E-File Form 8300 for Cash Over $10K<\/title>\n<meta name=\"description\" content=\"Starting Jan. 1, 2024, businesses receiving cash over $10,000 must electronically file Form 8300. 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