Form 8300 | Webster University
Form 8300 | Webster University

Form 8300

Cash Payments over $10,000:

Webster University is required to file Form 8300 “Report of Cash Payments Over $10,000 Received in Trade or Business” with the IRS when the University receives cash of more than $10,000 in a single transaction, or 2 or more related transactions within a 12-month period.  Payments for tuition, fees, room and board, etc. are considered related (and reportable) transactions.  This Form must be filed by Webster University within 15 days of the receipts of the cash.  The university must give a written statement to each person named on the required Form 8300 on or before January 31 of the following calendar year in which the cash is received.  The Form 8300 is issued by the Bursar’s Office.

Definitions of Cash:

  • U.S and foreign coin and currency received in any transaction.
  • Cash may also include a combination of cashier’s checks, bank drafts, traveler’s checks, and money orders with a face value of $10,000 or less that is received in a designated reporting transaction or is received in any transaction in which the business knows the customer is trying to avoid reporting of the transaction on Form 8300.
  • Cash does not include personal checks drawn on the account of the writer.

Information the University is Required to Collect from Payer and Provided to IRS:

  • Payer’s Name
  • Payer’s Address
  • Payer’s Date of Birth
  • Payer’s Social Security Number or Individual Taxpayer Identification Number
  • Payer’s Occupation  
  • Identifying Documentation – Used to verify identity, for example driver’s license or passport. 
    If the transaction was made on behalf of another individual then the above information is required for this person as well.

Please refer to the links below for information on reportable transactions.