Tax Tip 2023-115: Businesses must electronically file Form 8300 for cash payments over $10,000

IRS Tax Tips

September 26, 2023

Issue Number: Tax Tip 2023-115

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 filing electronically would cause undue hardship, a business may request a waiver by submitting Form 8508, Application for a Waiver from Electronic Filing of Information Returns. If the IRS grants a waiver from e-filing any information return, that waiver automatically applies to all Form 8300s for the rest of the calendar year. A business may not request a waiver from filing electronically only Form 8300. If a waiver is given, the business must include the word "waiver" on the center top of each Form 8300 when submitting a paper filed return.

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
Many businesses have already found the free and secure e-filing system to be a more convenient and cost-effective way to meet the reporting deadline of 15 days after a transaction. They get an email that confirms when the IRS receives the form after they e-file. Businesses can batch e-file their reports, and this is especially helpful to those required to file many forms.

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.

More information:
IRS and Treasury issue final regulations on e-file for businesses
Video: How to Complete Form 8300 ? Part I, Part II

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Issue Number: Tax Tip 2023-115