Cash Reporting
Cash payments are defined as the coins and currency of the United States (and any other country), as well as a cashier's check, bank draft, traveler's check, or money order. (Please note: "cash" does not include personal checks drawn from a payer's personal account.)
Any time UTPB receives more than $10,000 in cash in one transaction or in two or more related transactions, we are required to file Form 8300 and provide a written statement to each student named on any Form 8300. (Report of Cash Payments Over $10,000 Received in a Trade or Business)
- If we receive in a 12-month period more than $10,000 in cash.
- A Form 8300 must be filed within 15 days of a student reaching $10,000.
- We are required to provide a written statement to the student - an electronic statement can only be provided if the person agrees to that format.
- It must state that we are reporting this information to the IRS.
For further information, please review IRS Publication 1544, Form 8300, or Form 8300 Reference Guide.