Businesses can file cash transaction reports electronically and in batches

2020, Tax Tips / By

IRS Tax Tip 2020-123, September 22, 2020

Businesses that receive cash payments of more than $10,000 must report these payments to the IRS – it’s the law. Now businesses can batch file their cash reports; this is especially helpful for those required to file many forms.

Here are some key things to know about reporting these payments.

What’s considered cash

Cash includes coins and currency of the United States or any foreign country. For certain transactions, it’s also a cashier’s check, bank draft, traveler’s check or money order with a face amount of $10,000 or less.

Businesses must report cash of more than $10,000 that they receive:

  • In one lump sum
  • In two or more related payments within 24 hours
  • As part of a single transaction within 12 months
  • As part of two or more related transactions within 12 months

Reporting these payments

Taxpayers report cash payments by filing Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business.

Filing electronically is encouraged. It’s free, secure and a more convenient and cost-effective way to meet the reporting deadline. Filers will receive an electronic acknowledgement of each form they file.

To e-file, a business has to have an account with the Financial Crimes Enforcement Network’s BSA E-Filing System. To set up an account, businesses can call the BSA E-Filing Help Desk at 866-346-9478 or email them at bsaefilinghelp@fincen.gov. Those who prefer to paper file can send Form 8300 it to the IRS at the address listed on the form.

Those who prefer to paper file can send Form 8300 to the IRS at the address listed on the form.

When to file

Form 8300 must be filed within 15 days after the date the cash is received. If a business receives payments toward a single transaction or two or more related transactions, they should file when the total amount paid exceeds $10,000.

More information

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