From January 1, 2024, the Internal Revenue Service (IRS) has mandated that businesses electronically file (e-file) Form 8300 for reporting cash payments exceeding $10,000, replacing the previous paper filing method. Although most cash transactions are legitimate, this form assists authorities in identifying illegal activities such as tax evasion, terrorist financing, or drug trade profits. This electronic requirement extends to businesses already mandated to e-file other information returns, such as Forms 1099 and W-2. Specifically, from 2024 onward, if a business has to file at least 10 information returns in a calendar year, it must e-file all of them, including Form 8300. Businesses facing undue hardship can request a waiver for e-filing. Late returns should be flagged. To get started, set up an account with the Financial Crimes Enforcement Network’s BSA E-Filing System. However, to small business owners, this shift might appear as yet another regulation to navigate