Businesses must electronically file Form 8300 for cash payments over $10,000
Businesses receiving over $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.
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. 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.
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.