Beginning January 1, 2024, most businesses—including tax-exempt organizations—that are subject to Form 8300 (Report of Cash Payments Over $10,000 Received in a Trade or Business) filing requirements are required to e-file. Tax-exempt organizations that receive cash of more than $10,000 in a single transaction or in related transactions in the course of their trade or business must report the transaction to the IRS. The requirements apply regardless of whether the organization is subject to the unrelated business income tax. However, the receipt of a cash charitable contribution in excess of $10,000 is not subject to reporting because it is not received in the course of a trade or business. The new requirement for e-filing Form 8300 applies to organizations mandated to e-file other information returns following final information return regulations. A tax-exempt organization is required to e-file Form 8300 if it’s required to file at least 10 information returns other than Form 8300. For example, if an organization files eight Form W-2s and two Form 1099s, it must e-file Form 8300.
If you have questions or need help filing your organization’s Form 8300, reach out to a professional at Forvis Mazars.