Starting January 1, 2024, certain businesses will need to electronically file (e-file) Form 8300, which reports cash payments of over $10,000, rather than filing a paper return. The new requirement, announced by the Internal Revenue Service (IRS), pertains to businesses that are already obligated to e-file particular information returns, such as Form 1099 and Form W-2, as well as those mandated to file 10 or more information returns, excluding Form 8300. For a comprehensive overview of this change, including information on waivers and exemptions, read the IRS' full news release here:
Citrin Cooperman’s Automotive Dealerships Industry Practice is comprised of a team of professionals who specialize in helping dealers grow their businesses and understand new regulations that come their way. If you need assistance on understanding the new IRS Form 8300 compliance regulations, please contact your Citrin Cooperman advisor or Will Fernandez at firstname.lastname@example.org.
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