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re: Which bank transactions must be reported to the Feds?
Posted on 1/8/13 at 8:22 am to Lookin4Par
Posted on 1/8/13 at 8:22 am to Lookin4Par
Any cash or cash equivalent transaction exceeding $10,000 or any transaction(s) the bank classifies as unusual in nature or not customary by that customer, such as an unusually large number of cash transactions less than $10,000 but in total exceeds $10,000 performed over a short period of time.
Banks are required to do this by law and must report such transactions to the IRS.
Banks are required to do this by law and must report such transactions to the IRS.
3
Posted on 1/8/13 at 8:24 am to LSURussian
Is this also true for small business accounts?
Posted on 1/8/13 at 8:58 am to LSURussian
quote:
Any cash or cash equivalent transaction exceeding $10,000 or any transaction(s) the bank classifies as unusual in nature or not customary by that customer,
this. I received student loan money once at over $10k in cash, went to the bank to deposit and they took pictures, thumb print and asked alot of questions.
also, that was a long walk back from the field house to my car parked by the AG center lot.....
Posted on 1/8/13 at 12:48 pm to LSURussian
quote:shite, I just deposited two large checks from family members that will probably throw up a red flag. About one week apart from each other.
Any cash or cash equivalent transaction exceeding $10,000 or any transaction(s) the bank classifies as unusual in nature or not customary by that customer
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