Required E-Filing for Form 8300 for Businesses Starting January 1st – Did You Know? 

Taxpayers engaged in a trade or business must file IRS/FinCEN Form 8300 whenever they receive more than $10,000 in cash in a single transaction or related transactions. Currently, taxpayers can file this form either electronically or on paper. However, the IRS (Internal Revenue Service) recently announced that most business taxpayers will be required to e-file Form 8300 (Report of Cash Payments Over $10,000) beginning January 1st, 2024. 

To determine whether a Form 8300 must be filed, transactions are generally “related” if they involve the same customer and occur within a 24-hour period. However, transactions that occur further apart in time may still be considered related if there was good reason to know that they were part of a series of connected transactions. For example, the future purchase of additional items or services might be negotiated during the original sale. 

Some exceptions to the Form 8300 electronic filing requirement will exist when the rule takes effect on January 1. For example, businesses required to file fewer than 10 other information returns annually may typically continue filing Form 8300 on paper. The IRS will also offer exemptions and waivers in cases where electronic filing would cause hardship for a taxpayer or violate their religious beliefs. Our business tax professionals at RTW Xxact Enterprises, LLC. can help you determine when and how you must file Form 8300, and help you complete and submit the form in a timely manner. Contact us today.