IRS Announces Requirement to E-file Form 8300

Hold onto your digital hats, folks! The IRS, in their never-ending quest to be the life of the party, just dropped a tech-savvy bombshell. Starting on the futuristic date of 1/1/24, businesses must embrace the 21st century and electronically file Form 8300, the Report of Cash Payments Over $10,000. This futuristic move isn’t arbitrary, oh no! It’s backed by the swanky regulations set on 2/23/23 that gave a makeover to e-filing rules for info returns, and yes, our favorite star, Form 8300 (aka TD 9972), is part of the squad.

Goodbye, vintage paper returns!

Now, for businesses lucky enough to see more than $10,000 in cold, hard cash from a single transaction, they’re generally required to send out an invite to Form 8300. Here’s the twist: if a business is already e-filing celebs like Form 1099 and Form W-2 and has 10 or more of these digital signatures on their dance card, then they must give Form 8300 the electronic treatment too!

Feeling tech-averse or overwhelmed? Fear not! You can apply for a waiver if clicking ‘send’ feels like climbing Mount Everest. And here’s a quirky tidbit: if your religious beliefs are more analog than digital, the IRS gives you an automatic pass on the e-filing for Form 8300. The future is now, but exemptions still exist!

Confused and depressed? We can help!