Business Frame Weekly – Businesses Must E-file Form 8300 in 2024, IRS Says / Meta’s return-to-office mandate

Starting on Jan. 1, 2024, businesses will be required to electronically file Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return, the IRS said on Aug. 30. This new requirement follows final regulations amending e-filing rules for information returns, including Forms 8300, that were released last February.

Meta’s return-to-office mandate went into effect Tuesday, requiring employees to work from the company’s physical locations at least three days a week.

Oil jumped more than 2.5% on Tuesday after key OPEC+ players announced an extension of supply reductions intended to keep prices high.

In this newsletter:

• Businesses Must E-file Form 8300 in 2024, IRS Says
• Meta employees are back in the office three days a week as part of new mandate
• Oil prices up 25% since late June as supply cuts squeeze market
• Stocks seesaw amid China data gloom: Stock market news today
• Congress returns with the clock ticking to avert government shutdown, fund U.S. disaster response

September 5, 2023

Businesses Must E-file Form 8300 in 2024, IRS Says

Starting on Jan. 1, 2024, businesses will be required to electronically file Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return, the IRS said on Aug. 30. This new requirement follows final regulations amending e-filing rules for information returns, including Forms 8300, that were released last February. Businesses that receive more than $10,000 in cash must report transactions to the federal government. Although many cash transactions are legitimate, information reported on Forms 8300 can help combat those who evade taxes, profit from the drug trade, engage in terrorist financing, or conduct other criminal activities, the IRS said. The government can often trace money from these illegal activities through payments reported on Forms 8300 that are timely filed, complete, and accurate.

Meta employees are back in the office three days a week as part of new mandate

Meta’s return-to-office mandate went into effect Tuesday, requiring employees to work from the company’s physical locations at least three days a week. The company began notifying employees in June of the coming change, which will not affect Meta’s current roster of remote workers. Any employee assigned to an office, however, will need to comply with the rules starting this week. “We believe that distributed work will continue to be important in the future, particularly as our technology improves,” a Meta spokesperson told CNBC on Tuesday in a statement. “In the near-term, our in-person focus is designed to support a strong, valuable experience for our people who have chosen to work from the office, and we’re being thoughtful and intentional about where we invest in remote work.”

Oil prices up 25% since late June as supply cuts squeeze market

Oil jumped more than 2.5% on Tuesday after key OPEC+ players announced an extension of supply reductions intended to keep prices high. On Tuesday Brent International (BZ=F) topped $90 per barrel for the first time since November and West Texas Intermediate (CL=F) crude hovered above $87 per barrel after Saudi Arabia announced an extension of its unilateral production cut of 1 million barrels per day until December. Russia also reduced its exports by 300,000 barrels per day through year-end. These cuts are in addition to OPEC+ reductions that started in November of last year. The market is feeling the upward pressure. Crude futures have rallied more than 25% since late June despite a slower-than-expected recovery from China’s economy and increased production output by US producers.

Stocks seesaw amid China data gloom: Stock market news today

Wall Street stocks inched down on Tuesday as traders returning from a long weekend grappled with fresh data showing China's economy is still struggling to recover. The S&P 500 (^GSPC) and the Dow Jones Industrial Average (^DJI) fell about 0.1%, both paring earlier deeper losses. The tech-heavy Nasdaq Composite (^IXIC) gained about 0.05%, reversing earlier losses. The three major gauges are coming off a winning week that saw the S&P 500 book its best weekly performance since June, as a stream of economic updates fed hopes that the Federal Reserve would hold off from hiking interest rates at its September meeting.

Congress returns with the clock ticking to avert government shutdown, fund U.S. disaster response

A deeply divided Congress returned Tuesday from a monthlong summer vacation with the clock ticking to pass spending legislation to avoid a government shutdown and boost U.S. emergency response funding following multiple natural disasters. The U.S. government will shut down at midnight on Sept. 30 if Congress fails to pass spending legislation. While the Senate is back in session Tuesday, the House will not return to work until Sept. 12, leaving nearly three weeks to pass funding before the Sept. 30 deadline.

Random Ramblings

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