Receiving Cash Payments Over $10,000

The Internal Revenue Service tracks cash payments over $10,000 made in the ordinary course of business. A separate IRS filing is required when Duke receives such a payment.

A department that receives cash payments totaling over $10,000 from one individual or institution in one or more related transactions within a one-year rolling period must report these payments to the IRS. A Duke department processing large cash payments is responsible for monitoring these payments to ensure the transactions are reported at the time the $10,000 threshold is met during a one-year rolling period.

  • Cash does not include personal checks, cashier’s checks, bank drafts, traveler’s checks, or money orders.

Procedures:

  1. Staff member identifies the relevant cash transaction(s).
  2. For cash transactions greater than $10,000 from one individual or institution, the Duke department processing the transaction needs to collect the following information:
    • Full name, including middle initial of the person paying
    • Physical address (preferably a home address, but a Duke address is acceptable)
    • Country (if not United States)
    • Social security number (SSN) or taxpayer identification number (TIN). If person does not have either a SSN or a TIN, the staff member needs to document the reason, but still allow the transaction
    • Identification – Picture ID, including driver’s license, passport, Duke ID, etc. (validation of identity)
  3. All of the above information needs to be submitted to the Corporate Tax Manager by e-mail at CorporateTax at duke.edu within two days of the cash transaction, or within two days of reaching the $10,000 threshold.

    The Corporate Tax Manager will file IRS Form 8300 (pdf) and comply with all IRS guidelines, on behalf of Duke University and Duke University Health System.