Generally, the University is required to report to the IRS the receipt of cash in excess of $10,000 in a single transaction (or two or more related transactions) that is received in the course of the University's trade or business.
Please refer to IRS Publication 1544 and IRS Form 8300 for information on reportable transactions.
Form 8300, Report of Cash Payments Over $10,000 Received in a trade or Business, must be filed with the IRS for each reportable transaction. The following procedures have been established to ensure the University's compliance with the form 8300 reporting requirements.
Timeline | Action Required | By Whom |
At the time of the transaction |
|
University department representative that received the cash |
By the end of the day during which the transaction takes place |
Complete Form 8300
|
Business Affairs Cashier's Office |
By the 15th day subsequent to the transaction |
|
Business Affairs Cashier's Office |
By January 31st of each year | Prepare and furnish end-of-year statements to all payers who were identified on Forms 8300 (and reported to the IRS) during the immediately preceding calendar year. |
Business Affairs Cashier's Office |
For at least five years from the date of filing Form 8300 | Maintain a copy of the completed Form 8300. |
Business Affairs Cashier's Office |
If you have any questions regarding these procedures or the referenced documents, please contact Business Affairs Cashier's Office at 541-737-2597