Reporting Cash Payments of Over $10,000

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Pursuant to Internal Revenue Code Section 6050I, The University of Southern Mississippi is required to report to the Internal Revenue Service (IRS) the receipt of cash in excess of $10,000. 

When we receive over $10,000 cash* in a single transaction or two or more related transactions in a 12 month period, we are required to collect the following information from you, the payer, and provide it to the IRS:

• Name
• Address
• Date of Birth
• Social Security Number or Individual Taxpayer Identification Number
• Occupation
• Identifying Documentation- Used to verify your name and address, for example driver's license or passport
• If the transaction is made on behalf of another individual than the above, then that person's information is required as well

If you refuse to provide your tax identification number when requested to do so, you may be subject to a $50 penalty imposed by the IRS under Section 6723, unless an exemption applies under the income tax regulations. 

You will receive a statement from The University of Southern Mississippi by January 31st following the calendar year we received the cash from you. The statement will contain our address, contact name, phone number, and the total amount of reportable cash received and reported to the IRS in the 12 month period. 

Providing this information is required by law and we appreciate your cooperation. If you have questions regarding these IRS rules, please contact Business Services at 601-266-4137.