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:
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Timeline |
Action(s) Required |
Responsible Party |
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At the time of the
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- Complete 8300 Form - Obtain the form at
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SUNY New Paltz department representative who received payment |
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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 |
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Within 14 days of posting payment |
Review the 8300 form and file it with the IRS and FinCEN |
Accounting Office |
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At least 5 years from the date of the transaction |
Maintain copy of the completed IRS 8300 Form |
Accounting Office |
