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Businesses must electronically file Form 8300 for cash payments over $10,000
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 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.
E-filing is free and secure
For more information, businesses can call the Bank Secrecy Act E-Filing Help Desk at 866-346-9478 or email them at [email protected]. For more information about the BSA E-Filing System, businesses can submit a technical support request at Self Service Help Ticket. The help desk is available Monday through Friday from 8 a.m. to 6 p.m. ET.
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