IRS issued new requirement for certain businesses that receive cash payments of over $10,000 to file Form 8300 electronically starting January 1, 2024. This new requirement applies to businesses that are required to file at least 10 information returns of one or more type other than Form 8300 in year 2024. The filing is done with FinCEN’s BSA e-file system. The Form 8300 must be filed within 15 days after the date the person / business receives the cash. Record-keeping is required: a copy of the form e-filed along with any supporting documents and statements sent to customers for five years from the date filed along with submission confirmation.
Request for a waiver from electronic filing is available to these under hardship and if using required technology conflicts with their religious beliefs.
Should you inquire about Form 8300 filing and compliance events, please contact our office at 310.666.0244
Reference Page:
https://www.irs.gov/newsroom/e-file-form-8300-reporting-of-large-cash-transactions