New eFiling Requirement for Businesses that Receive Cash Payment of More than $10,000 by Cherry Laufenberg, CPA
Posted on November 28, 2023 by Cherry Laufenberg
Certain businesses receiving cash payments exceeding $10,000 must electronically file IRS Form 8300 beginning on Jan. 1, 2024, rather than filing a paper return. According to the IRS, although many cash transactions are legitimate, Form 8300 aims to combat tax evasion, drug trade, terrorism financing and other criminal activities. The new reporting requirement applies to […]