Businesses that receive more than $10,000 in cash must report the transactions to the IRS. This is done on Form 8300, Report of Cash Payments Over $10,000. Although many cash transactions are legitimate, information reported on Form 8300 can help combat those who evade tax, profit from the drug trade, or engage in terrorist financing.
The IRS recently announced that beginning Jan. 1, 2024, businesses must electronically file Form 8300 instead of filing paper returns. Indeed, the new requirement for e-filing Form 8300 applies to businesses mandated to e-file certain other information returns, such as the Form 1099 series and Forms W-2. For more information from the IRS: https://bit.ly/47RPimh
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