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Student Accounts

Cash Transactions Over $10,000

According to IRS publication 1544, SUNY New Paltz is required to report all cash payments in excess of $10,000 made in a single transaction, or two or more related transactions, to the IRS Financial Crimes Enforcement Network (FinCEN). Please be advised that the receipt of cash in excess of $10,000 in a single transaction, or two or more related transactions, from the same person (or agent) received within a twelve (12) month period will be reported.

An IRS Form 8300 (Reporting of Cash Payments Over $10,000 Received in a Trade or Business) must be filed by the 15th day subsequent to the transaction that causes the total cash payment(s) to exceed $10,000. The following procedures have been established to ensure SUNY New Paltz is in compliance with this Federal regulation:

 

Timeline

Action(s) Required

Responsible Party

At the time of the
transaction

Complete 8300 Form

Obtain the form at
http:/www.irs.gov/pub/irs-pdf/f8300.pdf

SUNY New Paltz department representative who received payment

By end of the day in which payment was received

Send E-mail to Accounting Services notifying them that transaction took place and that the 8300 form has been completed. Forward 8300 form to Accounting no later than the following business day.

SUNY New Paltz department representative who received payment

Within 14 days of posting payment

Review the 8300 form and file it with the IRS and FinCEN

Accounting Office

At least 5 years from the date of the transaction

Maintain copy of the completed IRS 8300 Form

Accounting Office


*If you have any further questions regarding this policy, please contact the Accounting Office at (845) 257-3151.