Any business is required to file this form with FinCEN within 15 days if it receives a payment of more than $10,000 in cash for goods or services. Regardless of whether you are self-employed, an LLC owner, or a corporation, if you receive payments related to your business activities, this rule applies to you.
Changes as of January 1, 2024:
- Cryptocurrency Inclusion: As of January 1, 2024, this form must also be filed when receiving payment in cryptocurrency.
- Limited to Payments from U.S. Persons/Entities: This requirement specifically applies to payments received from other U.S. individuals or U.S. entities. If you are dealing with foreign organizations or individuals, this reporting rule does not apply. Consequently, if you receive payment in cryptocurrency from a non-U.S. resident, you are not obligated to report it on Form 8300.
- Online Filing Requirement: Form 8300 must now be filed online only. This is another change that took effect on January 1, 2024. Previously, it could be filed by mail.
