IRS FORM 8300
Report of Cash Payments Over $10,000 Received in a Trade or Business
Indiana 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 are received in the course of the university’s trade or business. IU's procedures is to have cash amounts received, over $2,500, reported to University Tax Services using the IU Cash Reporting Form.
- Cash is defined as U.S currency and coins. Cash is also money orders, traveler’s checks, cashier checks or bank drafts with a face value of $10,000 or less. Any single payment of > $10,000 with one of these instruments is not included.
- Transaction is the underlying event resulting in the transfer of cash. Charitable contributions are not considered transactions. Related transactions are transactions that occur in a 24 hour period or one of a series of connect transactions. An example would be tuition payments for semester.
Once a transaction or related transactions exceed the $10,000 IRS threshold, it must be reported to the IRS via Form, Report of Cash Payments Over $10,000 Received in a Trade or Business, and must be filed with the IRS in 15 days. See University Tax Services Standard Operating Procedure TSOP 9.1 for full instructions on how to process and report cash payments for tax reporting. For questions, contact firstname.lastname@example.org.
- Tax Standard Operating Procedures 9.1 - Form 8300 Reporting Requirements
- Form 8300 and Reporting Cash Payments of Over $10,000
- Form 8300 Sample
- Letter to Payer for $2,500 Cash Reporting Amounts
- Letter to Payer for Form 8300 Annual Reporting