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Started By
Message
re: How much cash can you deposit without being flagged by IRS?
Posted on 7/13/22 at 4:18 pm to bdavids09
Posted on 7/13/22 at 4:18 pm to bdavids09
quote:
I read that no more than 10k can be deposited at once?
You can deposit more than $10k, but it will possibly be reviewed by the IRS.
If you deposit more than $10k in cash in a trust account (in the name of LSBA not my firm) will cause issues. Trust me.
quote:
If I spread it out over multiple days will that still get flagged?
Free legal advice: DO NOT do this.
1
Posted on 7/13/22 at 4:23 pm to SlowFlowPro
You'll get hit with structuring...
Posted on 7/13/22 at 4:52 pm to FCP
quote:
I was depositing $4K+ in cash every month
quote:
consulting business
Drug dealing
Posted on 7/13/22 at 4:53 pm to bdavids09
If you haven’t done anything wrong, then just deposit it as one deposit. Can you prove you’re good?
Posted on 7/13/22 at 5:34 pm to Upperdecker
quote:
If you haven’t done anything wrong, then just deposit it as one deposit. Can you prove you’re good?
He clarified he's actively trying or has committed tax fraud and soliciting advice to launder the money into his account as far as i can tell....
Posted on 7/13/22 at 6:32 pm to oklahogjr
It’s his money not the governments.
Posted on 7/13/22 at 7:01 pm to bdavids09
If you deposit 10k or more of cash, the bank has to generate a report to the IRS. Happens all the time. It doesn't mean you owe taxes on it or that it's illegal; it just gives the feds a way to sniff out drug dealers, tax cheats, and other criminals.
If you break it up into smaller deposits to avoid the report, that is called structuring. It is a federal felony, and people do go to the pen for it.
If the bank is suspicious because, say you often deposit 7k, they may send a report. You may have a very legit reason to do what you did, but if not it could spell trouble.
If you break it up into smaller deposits to avoid the report, that is called structuring. It is a federal felony, and people do go to the pen for it.
If the bank is suspicious because, say you often deposit 7k, they may send a report. You may have a very legit reason to do what you did, but if not it could spell trouble.
Posted on 7/13/22 at 7:32 pm to Shepherd88
quote:
If you spread that out from a legit transaction it may look even more shady.
Correct. It's called structuring and will result in PMITA prison.
Posted on 7/13/22 at 9:31 pm to Tiger Prawn
quote:
So you think people who hide their cash income aren't getting food stamps, medicaid, or other welfare benefits that they wouldn't otherwise have qualified for if they reported their income accurately?
How dare you use logic here at the Money Talk (now) OT/Poli Board site! Howwwww dare you!
Posted on 7/14/22 at 3:05 pm to bdavids09
I put in 30,000-40,000 a day with my side hustle and don't have to work my 9-5 anymore. Only working 10 hours a week.
Click on my profile to learn more.
Click on my profile to learn more.
Posted on 7/14/22 at 3:35 pm to bdavids09
FVCK the IRS, I just wrote them a check for $450 simply b/c I filed my S-Corp 2 days late. I called them to give me a break and they basically laughed at me.
Save half of it, store it in a safe place at home, and deposit $2500 every other week.
Save half of it, store it in a safe place at home, and deposit $2500 every other week.
Posted on 7/14/22 at 5:45 pm to bdavids09
Talk to your CPA or tax lawyer on how to handle it.
Posted on 7/14/22 at 5:46 pm to leeman101
quote:
Talk to your CPA or tax lawyer on how to handle it.
He doesn't want to do that because they'll tell him not to break the law
Posted on 7/14/22 at 6:04 pm to bdavids09
Looks like I missed the fun.
So I'll go with...
What kind of deal are you running where you sell 30K of inventory items for actual cash? Not a check, not a wire, but actual cash.
Was this all to one buyer? Multiple buyers?
Did you require they pay in cash?
As long as you have the receipts and paper trail, yeah the bank will file a report but who cares. If it's legit, it's legit.
I'm more interested in the sales transaction.
So I'll go with...
What kind of deal are you running where you sell 30K of inventory items for actual cash? Not a check, not a wire, but actual cash.
Was this all to one buyer? Multiple buyers?
Did you require they pay in cash?
As long as you have the receipts and paper trail, yeah the bank will file a report but who cares. If it's legit, it's legit.
I'm more interested in the sales transaction.
Posted on 7/14/22 at 6:17 pm to Palomitz
quote:
FVCK the IRS, I just wrote them a check for $450 simply b/c I filed my S-Corp 2 days late. I called them to give me a break and they basically laughed at me.
Save half of it, store it in a safe place at home, and deposit $2500 every other week.
Thats me too screw the IRS. Keep that cash to pay some bills and eat out then put some in the bank.
Posted on 7/14/22 at 6:18 pm to LSUFanHouston
quote:
LSUFanHouston
I needed your help regarding S Corps yesterday Bubba.
This post was edited on 7/14/22 at 11:01 pm
Posted on 7/14/22 at 11:00 pm to bdavids09
I can hold onto it for you
Posted on 7/14/22 at 11:47 pm to bdavids09
Just start paying bills with money orders. using the cash to pay for the money orders.
Posted on 7/14/22 at 11:56 pm to Mingo Was His NameO
quote:
He doesn't want to do that because they'll tell him not to break the law
Well is that not the goal - not to get flagged? The IRS flags you to see if you are breaking the law.
Posted on 7/15/22 at 10:31 am to bdavids09
Personally, I believe the threshold to be much less than 10K as I think any amount withdrawn from an atm more that $100.00 is flagged..
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