The Internal Revenue Service reminds businesses required to file reports of large cash transactions that e-filing is a fast, easy, and secure option for filing their reports.
Now, businesses can batch file their reports, which is especially helpful to those required to file many forms, according to an IRS news release.
Although businesses have the option of filing Form 8300, Report of Cash Payments Over $10,000, on paper, many businesses have already discovered the free and secure e-filing system is a more convenient and cost-effective way to meet the reporting deadline. The form is due 15 days after a transaction and there is no charge for the e-file option, according to the news release.
Although many cash transactions are legitimate, information reported on this form can also help stop those who evade taxes, profit from the drug trade, engage in terrorist financing, and conduct other criminal activities. The US Government can often trace money from these illegal activities through the payments reported on Form 8300 and other cash reporting forms.
Businesses that file Form 8300 electronically get free, automatic acknowledgment of receipt when they file. In addition, electronic filing is more accurate, reducing the need for follow-up correspondence with the IRS, according to the news release.
To file Form 8300 electronically, a business must set up an account with FinCEN’s BSA E-Filing System. For more information, interested businesses can call the BSA E-Filing Help Desk at 866-346-9478 or email them at firstname.lastname@example.org. The help desk is available Monday through Friday from 8 a.m. to 6 p.m. Eastern time.
For more information about the reporting requirement, see FS-2020-11, Reporting cash transactions helps the government combat criminal activities, available on IRS.gov.
Treasury, IRS issue final and proposed regulations on income subject to high rate of foreign tax
The Department of the Treasury and the Internal Revenue Service recently issued a final regulation addressing the treatment of income earned by certain foreign corporations that is subject to a high rate of foreign tax.
The final regulations allow taxpayers to exclude certain high-taxed income of a controlled foreign corporation from their Global Intangible Low Taxed Income (GILTI) computation on an elective basis, according to a news release.
Treasury and the IRS also recently issued a proposed regulation regarding the high-tax exception with the GILTI high-tax exclusion. Treasury and the IRS welcome public comments.
For even more important updates on the TCJA, you may visit the Tax Reform page of IRS.gov.