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re: IRS shuts down mom and pop dressmaker
Posted on 7/9/17 at 9:46 am to Jbird
Posted on 7/9/17 at 9:46 am to Jbird
quote:
The IRS claimed that the businesses intentionally tried to evade federal bank reporting requirements by making cash deposits just under the $10,000 limit.
It looks like the IRS just didn't like the way they made deposits. Not even a tax issue.
I read a while back about them harassing a diner for the same reason.
The law says you can't deposit over $10,000 in cash without proper documentation. If you make several $9,000+ deposits you are still in violation. Gotta love the IRS.
Instead of being ticky tack about laws why not just look at their books and see if they were engaged in illegal cash manipulation.
5
Posted on 7/9/17 at 9:49 am to Creidhne
The cash limit of 10K is because of drug money laundering.
I run a charity golf tournament, I made three deposits in a month into the charity account, each time two forms of ID and three or four government forms the bank had to generate, then I got a friendly visit from the IRS in person.
I run a charity golf tournament, I made three deposits in a month into the charity account, each time two forms of ID and three or four government forms the bank had to generate, then I got a friendly visit from the IRS in person.
Posted on 7/9/17 at 9:52 am to Creidhne
quote:
The law says you can't deposit over $10,000 in cash without proper documentation. If you make several $9,000+ deposits you are still in violation. Gotta love the IRS.
frick structuring laws, I just wouldn't put the money in the bank at all, get a floor safe or deposit box
Posted on 7/9/17 at 9:55 am to Creidhne
quote:IIRC a South Carolina diner.
It looks like the IRS just didn't like the way they made deposits. Not even a tax issue. I read a while back about them harassing a diner for the same reason.
Posted on 7/9/17 at 10:02 am to Creidhne
quote:
The law says you can't deposit over $10,000 in cash without proper documentation. If you make several $9,000+ deposits you are still in violation. Gotta love the IRS.
The IRS doesn't write the Regs, though.
This post was edited on 7/9/17 at 10:03 am
Posted on 7/9/17 at 10:23 am to Creidhne
quote:
The law says you can't deposit over $10,000 in cash without proper documentation. If you make several $9,000+ deposits you are still in violation. Gotta love the IRS.
This is why you have to make your regular vacations in places like Tortola (or near there).
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