Businesses can file cash transaction reports electronically and in batches

Businesses that receive cash transactions 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.

According to the IRS, 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.

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. 

Contact the Crosslin tax team at (615) 320-5500 with any questions you may have!