{"id":400,"date":"2019-02-22T17:56:06","date_gmt":"2019-02-22T17:56:06","guid":{"rendered":"https:\/\/ayoub-associates.com\/blog\/?p=400"},"modified":"2019-02-22T17:58:33","modified_gmt":"2019-02-22T17:58:33","slug":"irs-urges-businesses-e-file-cash-transaction-reports-fast-easy-free","status":"publish","type":"post","link":"https:\/\/ayoub-associates.com\/blog\/irs-urges-businesses-e-file-cash-transaction-reports-fast-easy-free\/","title":{"rendered":"IRS urges businesses to e-file cash transaction reports; It\u2019s fast, easy and free"},"content":{"rendered":"<p>IR-2019-20, February 21, 2019<\/p>\n<p>WASHINGTON \u2014 The Internal Revenue Service today urged businesses required to file reports of large cash transactions to take advantage of the speed and convenience of filing these reports electronically.<\/p>\n<p>Although businesses have the option of filing <a title=\"Form 8300, Report of Cash Payments Over $10,000\" href=\"https:\/\/www.irs.gov\/businesses\/small-businesses-self-employed\/form-8300-and-reporting-cash-payments-of-over-10000\" data-entity-substitution=\"canonical\" data-entity-type=\"node\" data-entity-uuid=\"d0bed678-7ecb-4d0e-b679-40a71838f135\">Form 8300<\/a>, Report of Cash Payments Over $10,000, on paper, many have already found that e-filing is a faster, more convenient and cost-effective way to meet the reporting deadline. The form is due 15 days after a transaction and there\u2019s no charge for the e-file option.<\/p>\n<p>Electronically filing Form 8300 is a secure way for businesses to send sensitive information to the IRS. Although many cash transactions are legitimate, information reported on this form can help stop those who evade taxes, profit from the drug trade and engage in terrorist financing and other criminal activities. The government can often trace money from these illegal activities through the payments reported on this and other cash reporting forms.<\/p>\n<p>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.<\/p>\n<p>To file Form 8300 electronically, a business must \u00a0set up an account with the Financial Crimes Enforcement Network\u2019s <a title=\"Financial Crimes Enforcement Network\u2019s BSA E-Filing System\" href=\"https:\/\/bsaefiling.fincen.treas.gov\/main.html\" data-entity-substitution=\"pup_linkit_media\" data-entity-type=\"media\" data-entity-uuid=\"70e4bdd3-ee8a-4988-9142-643af02e7dad\">BSA E-Filing System<\/a>. For more information, interested businesses can call the BSA E-Filing Help Desk at <a href=\"tel:866-346-9478\">866-346-9478<\/a> or email them at <a title=\"BSAEFilingHelp@fincen.gov\">BSAEFilingHelp@fincen.gov<\/a>. The help desk is available Monday through Friday from 8 a.m. to 6 p.m. Eastern time.<\/p>\n<p>For more information about the reporting requirement, see <a title=\"Cash payment report helps government combat money laundering\" href=\"https:\/\/www.irs.gov\/newsroom\/cash-payment-report-helps-government-combat-money-laundering\" data-entity-substitution=\"canonical\" data-entity-type=\"node\" data-entity-uuid=\"f9cfddc0-2bee-46ea-ad1e-7b95de97a5b1\">FS-2019-1<\/a>, available on IRS.gov. Among other things, the fact sheet includes reporting scenarios for specific businesses, such as automobile dealerships, taxi companies, landlords, colleges and universities, homebuilders and bail-bonding agents. It also lists other resources on IRS.gov related to reporting cash transactions of more than $10,000.\u00a0 <a href=\"https:\/\/www.irs.gov\/newsroom\/irs-urges-businesses-to-e-file-cash-transaction-reports-its-fast-easy-and-free\">https:\/\/www.irs.gov\/newsroom\/irs-urges-businesses-to-e-file-cash-transaction-reports-its-fast-easy-and-free<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>IR-2019-20, February 21, 2019 WASHINGTON \u2014 The Internal Revenue Service today urged businesses required to file reports of large cash transactions to take advantage of the speed and convenience of [&hellip;]<\/p>\n","protected":false},"author":88892,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,1,3],"tags":[],"class_list":["post-400","post","type-post","status-publish","format-standard","hentry","category-business","category-general","category-tax-tips"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>IRS urges businesses to e-file cash transaction reports; It\u2019s fast, easy and free - Ayoub Sidhum &amp; Co.<\/title>\n<meta name=\"description\" content=\"Ayoub and Associates CPA Firm is a full service Corona CPA firm that provides services in accounting, tax preparation and planning, IRS audit, and sales tax. 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