Reporting Cash Payments Over $10,000

If your business receives payments over $10,000 in cash, you must file IRS Form 8300. This must be done electronically if you file more than 10 other information returns (e.g., W-2s, 1099s) through FinCEN’ BSA Electronic Filing System (if new to BSA-E-Filing, you have to enroll). The return is due by the 15th day after the cash was received (or the next business day if payment was on a Saturday, Sunday, or legal holiday).  #IdeaoftheDay