IRS에서는 2024년 1월 1일부터 사업체가 Form 8300, 10,000달러 초과 현금 지급 보고서를 전자 방식으로 제출하도록 의무화하는 IR-2023-157을 발표했다.

10,000달러를 초과하는 현금을 수령하는 비즈니스의 경우 미국 정부에 거래를 보고해야한다. 대부분의 현금 거래는 합법적이지만, Form 8300에 제공된 데이터는 탈세, 불법 마약 거래, 테러리스트 자금 조달 및 기타 범죄 활동에 대처하는 데 도움이 될 수 있다.

Form 8300은 현금을 수령한 다음 날로부터 15일 이내에 제출해야한다. 이 기한이 주말이나 공휴일인 경우 다음 영업일에 제출해야한다.

Form 8300의 새로운 전자 제출 요건은 Form 1099 시리즈 및 Form W-2와 같은 다른 정보 보고서를 이미 전자 방식으로 제출하도록 의무화된 사업체에 적용된다. 전자 제출 및 커뮤니케이션 옵션으로의 전환은 IRS와의 상호 작용을 간소화하기 위해 고안되었다. 2024 회계연도부터 Form 8300 이외의 정보 보고서를 10개 이상 제출해야 하는 사업체는 모든 Form 8300(및 해당 연도에 필요한 기타 특정 유형의 정보 보고서)을 전자 방식으로 제출해야한다.

Form 8300을 정확하게 정시에 제출하지 않을 경우 과태료가 부과될 수 있다. 제출 지연 또는 부정확성에 대한 합리적인 사유를 입증하지 못하면 벌금이 부과될 수 있다. 현금 보고 요건을 고의 또는 고의로 무시하는 경우 최소 25,000달러의 벌금이 부과될 수 있다. 또한, 신고를 회피하도록 유도하거나 유도하려고 시도하는 경우, 중대한 누락이나 허위 진술이 포함된 신고서를 제출하는 경우, 신고를 회피하기 위해 거래를 구조화하는 경우에도 벌금이 부과될 수 있다. 이러한 위반 행위는 형사 기소될 수도 있으며, 개인은 최대 5년의 징역 또는 최대 25만 달러, 법인은 최대 50만 달러의 벌금 또는 두 가지 모두에 처해질 수 있다.

아래 링크를 클릭하면 IR-2023-157을 열람할 수 있다.

Businesses must electronically file Form 8300, Report of Cash Payments Over $10,000, beginning January 1, 2024 | Internal Revenue Service (irs.gov)

The Internal Revenue Service issued IR-2023-157 mandating that businesses must electronically file Form 8300, Report of Cash Payments Over $10,000, effective January 1, 2024.

For businesses receiving cash amounts exceeding $10,000, reporting transactions to the U.S. government is required. While most cash transactions are legitimate, the data provided on Forms 8300 can aid in combating tax evasion, illicit drug trade, terrorist financing, and other criminal activities. Timely, accurate, and complete submissions on Forms 8300 can often enable the government to trace funds linked to such unlawful activities.

Forms 8300 should be filed by the 15th day following the receipt of cash. If this due date falls on a weekend or holiday, the filing should occur on the next business day.

This new e-filing requirement for Forms 8300 is applicable to businesses that are already mandated to electronically file other information returns like the Forms 1099 series and Forms W-2. This shift to electronic filing and communication options is designed to simplify interactions with the IRS. Commencing from the calendar year 2024, businesses must e-file all Forms 8300 (and certain other specified types of information returns required for that year) if they are obligated to file at least 10 information returns other than Form 8300.

Noncompliance with the accurate and punctual filing of Form 8300 may result in penalties. Failure to demonstrate reasonable cause for filing delays or inaccuracies could lead to penalties. Intentional or willful disregard of cash reporting requirements may incur a minimum penalty of $25,000. Penalties can also be imposed for inducing or attempting to induce a business to evade filing, submitting a report with material omissions or misstatements, or structuring transactions to avoid reporting. These violations might also face criminal prosecution, potentially resulting in up to 5 years of imprisonment or fines of up to $250,000 for individuals and $500,000 for corporations, or both.

Clink the link below to view IR-2023-157.

Businesses must electronically file Form 8300, Report of Cash Payments Over $10,000, beginning January 1, 2024 | Internal Revenue Service (irs.gov)

The IRS has recently announced a new compliance campaign that will focus on large businesses suspected of inflating their cost of goods sold (COGS) to reduce their taxable income. This announcement was made on August 8, 2023, by the IRS Large Business & International Division (LB&I).  LB&I Active Campaigns | Internal Revenue Service (irs.gov)

Compliance campaigns are strategic initiatives aimed at identifying potential tax compliance risks. In this case, LB&I has utilized data analysis and suggestions from IRS compliance employees to identify areas of concern. The overarching goal of these campaigns is to enhance the selection of tax returns, pinpoint issues that carry a risk of non-compliance, and optimize the allocation of limited resources for enforcement.

While the exact details of the campaign's focus weren't explicitly provided, the use of the term "inflated" implies that the IRS is particularly concerned about taxpayers who may be overstating their expenses related to the cost of goods sold. This could involve situations where taxpayers are claiming costs that are not eligible to be counted as inventory or are using incorrect methods to determine their year-end inventory balance.

The introduction of this new campaign suggests that the IRS might intensify its scrutiny of companies that report substantial costs of goods sold. Companies selected for examination under this campaign could expect to receive detailed Information Document Request (IDR) notices pertaining to the calculation of inventory costs and the cost of goods sold for federal income tax purposes. These companies should be prepared to address these inquiries.

Taxpayers who fall under the scope of this campaign should review their current practices for determining inventory balances and making tax adjustments, such as those outlined in IRC (Internal Revenue Code) sections 263A and 471. Ensuring that these methods are accurately reflected in their tax returns will be important to avoid potential compliance issues under the new campaign.

It's important for affected taxpayers to work closely with their tax advisors to navigate these requirements and respond appropriately to any requests from the IRS. By doing so, they can minimize the risk of non-compliance and potentially avoid legal consequences.

In light of increasing tensions with China and to bolster economic ties with Taiwan's chip manufacturers, the United States Congress is moving forward to adopt a treaty-like agreement with Taiwan to provide relief from double taxation for businesses engaged in cross-border activities. The legislation, released on July 12, aims to reduce withholding taxes on certain US source payments received by or paid to residents of Taiwan and apply permanent establishment rules to determine tax liabilities. To qualify for the benefits of the legislation, foreign persons must meet specific criteria as "qualified residents of Taiwan." The provisions would only come into effect after Taiwan reciprocates the benefits to US persons.

Reduction of Withholding Taxes

The legislation seeks to reduce the current 30% statutory rate of US federal income tax on specific US source payments (e.g., interest, dividends, and royalties) received by or paid to residents of Taiwan.

Under the proposed legislation, the reduced rates would be 10% for interest and royalty payments, and 15% for dividends.  Dividends may be further reduced to 10% (excluding dividends paid by Regulated Investment Companies) if certain conditions are met. These conditions include being a qualified resident of Taiwan and holding at least 10% of the relevant stock directly for 12 months prior to the ex-dividend date.

Permanent Establishment

Currently, US federal income tax law taxes income that is "effectively connected" with a foreign person's trade or business within the United States at regular income tax rates. The legislation proposes substituting the term "a United States permanent establishment of a qualified resident of Taiwan" for "a trade or business within the United States" in determining tax liabilities.

The term "permanent establishment" may be established through a fixed place of business or through agents authorized to conclude binding contracts in the United States on behalf of the qualified resident of Taiwan.

Qualified Residents of Taiwan

To be eligible for the benefits of the legislation, foreign persons must qualify as "qualified residents of Taiwan."  A person is considered a "qualified resident of Taiwan" if they are subject to tax in Taiwan based on factors such as domicile, residence, place of management, place of incorporation, or similar criteria.  The person must not be a US person, and corporations must meet specific tests resembling the 2016 US Model Treaty's Limitation on Benefits (LOB) article.

Effective Dates

The provisions of the legislation will take effect upon enactment, applicable to amounts paid during relevant periods. The benefits will only apply after the US Treasury Secretary confirms that Taiwan has granted reciprocal benefits to US persons.