Q&A of the Week September 6, 2023

Question

What is the new requirement for businesses and reporting cash payments over $10,000?

Answer

Starting January 1, 2024, businesses are required to report cash payments over $10,000 by filing IRS Form 8300 electronically. Paper returns will no longer be allowed.

Since electronic filing is often more timely, complete, and accurate, the IRS hopes this updated policy will help trace money from criminal activities (tax evasion, drug trade, terrorist financing, etc.) 

Once a form is e-filed, the filer will receive an acknowledgment receipt via email. 

For more information about e-filing Form 8300, waivers, and exemptions, read this news release: https://www.irs.gov/newsroom/businesses-must-electronically-file-form-8300-report-of-cash-payments-over-10000-beginning-january-1-2024