By Greg Diehl CPA – Manager
Starting January 1, 2024, the IRS is requiring most businesses to file Form 8300 electronically (e-file) instead of filing a paper return.
Form 8300 is used for businesses to report any transaction in which the business receives more than $10,000 cash. Form 8300 provides the IRS with valuable information to aid their efforts to combat money laundering. Previously, a business was only required to file electronically when 250 or more information returns (Form 1099, Form W2, Form 8300, etc.) were filed in the year. In 2024, businesses that file 10 or more information returns are required to e-file those returns.
To help with this process, the IRS has created a new, free online portal, known as the Information Returns Intake System (IRIS) to help businesses file information returns electronically. If you have not used IRIS in the past, you can create an account by clicking “Sign in to IRIS” from the link above and then clicking “Create an account”. To sign up for IRIS, you’ll need the business’ Employer Identification Number (EIN) and the business’ Transmitter Control Code (TCC). If you do not have a TCC, you can apply for one here.
If you have any questions about the new filing requirements, please contact your MichaelSilver advisors at 847.982.0333.
Greg Diehl, CPA – Manager, is a tax advisor specializing in corporations. Before joining MichaelSilver in 2023, Greg spent more than six years helping clients with tax planning and compliance needs. He has experience working in a variety of industries including manufacturing, technology, and real estate. Greg earned both a Master of Business Administration and Bachelor of Science in Accounting from Indiana University.