The IRS has issued a press release urging business to file reports of large cash transactions electronically. Instead of filing Form 8300 on paper, businesses are encouraged to take advantage of the speed and convenience of e-filing to meet the report deadline. The press release states:
Electronically filing Form 8300 is a secure way for businesses to send sensitive information to the IRS. Although many cash transactions are legitimate, information reported on this form can help stop those who evade taxes, profit from the drug trade and engage in terrorist financing and other criminal activities. The government can often trace money from these illegal activities through the payments reported on this and other cash reporting forms.
Businesses that file Form 8300 electronically get free, automatic acknowledgment of receipt when they file. In addition, electronic filing is more accurate, reducing the need for follow-up correspondence with the IRS.
In order to access the online feature, businesses need to set up an account with the Financial Crimes Enforcement Network’s BSA E-Filing System.
Check Fact Sheet 2019-1 for details on the reporting requirements for specific businesses and for reporting cash transactions of more than $10,000.
For the full press release, see News Release IR-2019-20 (February 21, 2019).