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Form 8300 Cash Transaction Reporting

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 http://www.irs.gov/businesses/small/article/0,,id=148857,00.html 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 by the 15th day subsequent to the 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

  • Print a Screenshot of the IRS Form 8300 alert in CashNet
  • Give Payer “Memo” which offers a brief explanation  of the Form 8300 reporting requirements to the individuals (payers) engaged in reportable transactions to notify them of the University’s obligation to file this form with the IRS.
  • Send an email message to: pollock@hartford.edu (x4440) or dpurcell@hartford.edu (x4361) to notify the Bursar Department that a reportable transaction has taken place and a Form 8300 has to be completed.

University department representative that received the cash

By the end of the day during which the transaction takes place

Complete Form 8300

University Bursar Department

By the 15th day subsequent to the transaction

  • Review the Form 8300 
  • File Form 8300 with the IRS

University Bursar Department

By January 31 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.

University Bursar Department

For at least five years from the date of filing Form 8300

Maintain a copy of the completed Form 8300.

University Bursar Department

If you have any questions regarding these procedures or the referenced documents, please contact the University Bursar Department at (860)768-4360.

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