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Mandatory E-Filing of 8300 if You Received Over 10K From a Client!

Audio version available here:

Length: approx. 1 min. 20 sec.


In an effort to boost the IRS’ e-filing initiative, filings of Form 8300, Report of Cash Payments over $10,000, must be done electronically starting January 1st, 2024. However, there are exceptions for those who qualify for waivers due to undue hardship or religious conflicts. If your business typically files less than ten information returns, such as W-2s or 1099-INTs, you may choose to paper file without requesting an exemption. In all other cases, electronic filing is mandatory. This can be done

conveniently via the BSA E-Filing System, with email receipts provided to confirm submission of the form. It is crucial to remember that Form 8300 must be filed whenever your business receives $10,000 or more from cash transactions. To stay compliant and avoid any issues with the IRS, make sure to e-file your form accurately and promptly. Unsure of how to complete and submit this form or other information returns? Let someone else do it for you! At XQ CPA, our experienced accountants and financial experts can help take this burden off your shoulders, letting you get back to what really matters in your business. Make an appointment here to get started, or simply give us a call at 832-295-3353.

Folded wad of $100 bills held together with rubber band.

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