Tax Tip 2024-17: Businesses: Electronically file Form 8300 to report cash payments over $10,000

Internal Revenue Service (IRS) sent this bulletin at 03/14/2024 10:06 AM EDT

IRS Tax Tips

March 14, 2024

Issue Number: Tax Tip 2024-17

Businesses: Electronically file Form 8300 to report cash payments over $10,000

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 optional.

To electronically file Form 8300, a business must set up an account with the Financial Crimes Enforcement Network's BSA E-Filing System.

Waivers and exemptions
If electronic filing would cause undue hardship, a business can 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 Forms 8300 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’re automatically exempt from electronic filing. The filer must include the words "religious exemption" on the top of each Form 8300 when submitting the paper return.

Electronic filing is free and convenient
The e-filing system is a more convenient and cost-effective way to meet the reporting deadline of 15 days after a transaction. Businesses get a confirmation email when the IRS receives the form, and they can batch e-file their reports. This especially helps if businesses must 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 bsaefilinghelp@fincen.gov. For details 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.

Thank you for subscribing to IRS Tax Tips, an IRS e-mail service. For more information on federal taxes please visit IRS.gov.

This message was distributed automatically from the IRS Tax Tips mailing list. Please Do Not Reply To This Message.

Update your subscriptions, modify your password or email address, or stop subscriptions at any time on your Subscriber Preferences Page. You will need your email address to log in. If you have questions or problems with the subscription service, visit subscriberhelp.govdelivery.com.

This service is provided to you at no charge by the Internal Revenue Service (IRS).

Tax Tip 2024-17: Businesses: Electronically file Form 8300 to report cash payments over $10,000

Useful Links:

News Essentials

The Newsroom Topics

IRS Resources

Issue Number: Tax Tip 2024-17