Businesses that 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 optional, according to a news release.

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

Waivers and Exemptions

If electronic filing would cause undue hardship, a business can request a waiver by submitting Form 8508, Application for a Waiver from Electronic Filing of Information ReturnsPDF. If the IRS grants a waiver from e-filing any information return, that waiver automatically applies to all Forms 8300 for the rest of the calendar year. A business may not request a waiver from filing electronically only Form 8300. If a waiver is given, the business must include the word “waiver” on the center top of each Form 8300 when submitting a paper-filed return.

If using the e-file technology conflicts with a filer’s religious beliefs, they’re automatically exempt from electronic filing. The filer must include “religious exemption” on the top of each Form 8300 when submitting the paper return.

Electronic Filing is Free and Convenient

The e-filing system is a more convenient and cost-effective way to meet the reporting deadline of 15 days after a transaction. Businesses get a confirmation email when the IRS receives the form, and they can batch e-file their reports. This especially helps if businesses must file many forms.

More Info

For more information, businesses can call the Bank Secrecy Act E-Filing Help Desk at 866-346-9478 or email them at bsaefilinghelp@fincen.gov. For details about the BSA E-Filing System, businesses can submit a technical support request at Self Service Help Ticket. The help desk is available Monday through Friday from 8 a.m. to 6 p.m. ET.

Source: IRS