Form 8300 E-File Mandate

The IRS recently announced that taxpayers who are required to e-file Forms 1099 and W-2 will also be required to electronically file Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business.

This change is scheduled to be effective as of January 1, 2024.

As discussed in our posts during June 2023, the threshold for the e-file mandate for Forms W2 and 1099s has been reduced to 10 returns (from the previous threshold of 250 returns) effective for the 2023 tax year and subsequent years.

While Forms 8300 are not counted toward the threshold of 10 or more returns, once a taxpayer reaches that threshold, they must also begin e-filing Forms 8300.

Practitioners who will need to e-file Forms 8300 on behalf of clients should register at: https://bsaefiling.fincen.treas.gov/main.html.

We will discuss strategies, logistics and other considerations related to the change in the e-file mandate in our upcoming seminars in December and January. If you are not already registered, register here.