Starting Monday, Jan. 1, the IRS will require businesses to e-file Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. The new requirement follows final regulations amending e-filing rules for information returns, including Forms 8300.
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 Forms 8300 can help combat those who evade taxes, profit from the drug trade, engage in terrorist financing or conduct other criminal activities.
The new requirement for e-filing Forms 8300 applies to businesses mandated to e-file certain other information returns, such as Forms 1099 series and Forms W-2. The IRS will allow eligible businesses to request a waiver or exemption from the requirement. Learn more.