Many Businesses Must File Form 8300 Electronically Starting in 2024, FS-2023-19; IR-2023-157

The IRS announced that starting January 1, 2024, certain businesses will be required to electronically file Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. This will apply to any business that is required to file at least 10 information returns of one or more types other than Form 8300, such as Forms 1099 series and Forms W-2, in calendar year 2024.

The new requirement follows final regulations that lowered the threshold for required e-filing of information returns required to be filed during calendar years beginning after December 31, 2023 (T.D. 9972).

Under the new requirement, for example, a business that files five Forms W-2 and five Forms 1099-INT in 2024 must e-file all of its information returns during the year, including any Forms 8300. However, if the business files fewer than 10 information returns of any type in 2024, it does not have to e-file the information returns and is not required to e-file any Forms 8300.

If a business files fewer than 10 information returns, it can still e-file Form 8300 if it chooses to do so.

A business may request a waiver from the e-filing requirement for information returns due to undue hardship. If granted, the e-fling waiver will automatically apply to all Forms 8300 during the calendar year. A business cannot request a waiver from e-filing for only Forms 8300.

An automatic religious exemption is also available if the technology required to e-file conflicts with the filer’s religious beliefs.