Reporting for large cash transactions must be electronically filed starting in 2024

by | Sep 1, 2023

ARTICLE | September 01, 2023

The Internal Revenue Service (IRS) has announced that beginning January 1, 2024, businesses will be required to electronically file Form 8300 for any cash payments exceeding $10,000. Form 8300, also known as the Report of Cash Payments Over $10,000 Received in a Trade or Business, is used to report large cash transactions to the IRS as part of their efforts to combat money laundering and other illegal activities. Currently, businesses have the option to file this form both electronically or via paper. However, the new regulation will mandate electronic filing for all applicable transactions.

This move towards electronic filing is aimed at improving efficiency and accuracy in reporting cash transactions. The IRS believes that electronic filing will automate the process, reduce errors, and streamline compliance efforts. Additionally, electronic filing will enable the IRS to efficiently analyze and monitor large cash transactions, enhancing their ability to identify potential violations and enforce compliance with reporting requirements. It is important for businesses to familiarize themselves with this upcoming change and ensure that they are prepared to comply with the new electronic filing requirement by January 1, 2024.

Here’s a link to the recent IRS announcement:

IRS News release 2023-157

Questions or Want to Talk?

Call us directly at 972.221.2500 (Flower Mound) or 940.591.9300 (Denton),
or complete the form below and we’ll contact you to discuss your specific situation.

  • Should be Empty:
  • Topic Name:

Scenario Planning: A Roadmap for Business Agility

Oct 28, 2025

In a world of constant change and unpredictability, scenario planning empowers businesses to anticipate multiple futures and make informed decisions. This strategic approach helps organizations manage risks, optimize resources, and stay agile amidst economic volatility, technological advancements, and shifting consumer preferences. Discover how scenario planning can transform your company’s resilience and growth potential.

What Are Opportunity Zones?

Oct 28, 2025

Timing is key in maximizing the benefits of OZ investments. With thoughtful planning and strategic execution, OZs can be a cornerstone of both financial success and meaningful change.

Cost Analysis: Turning Hidden Numbers into Smarter Decisions

Oct 23, 2025

Want to know where your profit is really going? Here’s a practical, business-owner-friendly approach to cost analysis, showing how to uncover hidden inefficiencies, assign overhead accurately, and make confident decisions with your numbers. Whether you’re looking to price smarter, cut waste, or prepare for growth, it all starts here.

New Guidance Issued for Rural Opportunity Zone Investors

Oct 14, 2025

New IRS guidance could impact your Opportunity Zone tax compliance and planning strategies. Notice 2025-50 reduces the substantial improvement threshold from 100% to 50% for rural QOZ properties, effective retroactively to July 4, 2025. With 3,309 rural zones now identified, some investors may qualify for benefits they previously couldn’t achieve, while others need immediate compliance reviews to optimize their tax positions.

SECURE 2.0 Alert: High Earners Face New Roth Catch-Up Requirements in 2025

Oct 7, 2025

Major Alert for High Earners: If you’re making $145,000+ and contributing catch-up funds to your 401(k), the rules just changed dramatically. Starting in 2025, ALL your catch-up contributions must go into Roth accounts—meaning you’ll pay taxes upfront instead of getting that immediate deduction. But here’s the twist: this could actually be a golden opportunity for long-term wealth building. Our tax experts break down what this means for your retirement strategy and why acting now is crucial.