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IRS: Efile $10K Cash Payments

Businesses that report cash payments of more thaN $10,000 must efile their reports starting January 1, the Internal Revenue Service said this weekThis applies to those required to file at least 10 information returns other than Form 8300. 

Instead of sending paper returns next year, these organizations must efile Form 8300, Report of Cash Payments Over $10,000, This requirement applies to business mandated to efile information returns such as the Forms 1099 series and Forms W-2. 

To file electronically, a business must set up an account with the Financial Crimes Enforcement Network's BSA E-Filing System.

Business for which the requirement is a hardship can apply for a waiver. If the waiver is granted on any return, it automatically applies to all Forms 8300 for the duration of the calendar year. Those receiving waivers must include the word “Waiver’ on the center top of each Form 8300 submitted by paper

A business may not request a waiver from filing only Forms 8300 electronically.  

Those claiming using efiling conflicts with their religious beliefs are automatically exempt but must include the words “RELIGIOUS EXEMPTION” on the center top of paper returns. Business must self-identify late returns including the word “LATE” in the comment section of efiled returns and place that word “LATE” on each paper return. 

 

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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