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:
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