Businesses must electronically file Form 8300 for cash payments over $10,000

 Businesses
must electronically file Form 8300 for 

cash
payments over $10,000 

Businesses that
receive more than $10,000 in cash or cash equivalents must report those
transactions to the Internal Revenue Service to assist the government in
dealing with potential tax evaders.  

The assumption
of the part of the government is that if someone has that amount of cash, the
potential of them being tax evaders, drug dealers, or involved in some other
criminal activity is very high; therefore, the government wants you to turn them
in.  

Starting
January 1, 2024, businesses that are required to file 10 or more information
returns must e-file Form 8300, Report of Cash Payments
Over $10,000 instead of filing a paper return.  

For those with
fewer information returns, e-filing Form 8300 is still optional.  

To file
electronically Form 8300, a business must set up an account with the Financial
Crimes Enforcement Network's BSA E-Filing System.  

The requirement
for e-filing Form 8300 applies to companies that are required to e-file
certain other information returns, such as Form 1099 series and Form W-2. 

Waivers and exemptions 

Should filing
electronically would cause undue hardship, a business may request a waiver by
submitting Form 8508, Application for a Waiver
from Electronic Filing of Information Returns.  

If the IRS
grants a waiver from e-filing any information return, which automatically
applies to all Form 8300s for the rest of that calendar year.  

A business may
not request a waiver from filing electronically, only Form 8300.  

Should the IRS
grant a waiver, the business must include the word "waiver" on the
center top of each Form 8300 when submitting a paper-filed return. 

In reading the
IRS instructions, one stumbles across the following very odd provision and then
has to wonder why. (refer to my article, which states the government is run by
morons, all from the planet Moronia). In our politically correct society,
the government has determined that if using the e-file technology conflicts with
a filer's religious beliefs, and we cannot determine what religious group would
have this problem, they are automatically exempt from filing electronically. Go
figure? I would like to know what religious group would have this
problem. If one is creative and involved in the very illegal transactions
the government is looking to investigate, it would probably cross their mind
that they should declare themselves a religious organization. Just a
thought………… 

The filer must
include the words "religious
exemption" on the top of each Form 8300 when submitting
the paper return.