Banking and the IRS

TheGeneral+ · Apr 24, 2005

A family member (Who works at my bank) told me today that my bank will not report anything to the IRS under 10K. Said they can care less. Bring in $9999 and be on your way with no worries. Bring in 5k per day for a month, they can care less. He did say that cash transactions can get you in a mess quicker than anything because of the patriot act (I didn't get specifics on the cash), but bank checks & eft's draw little attention from the bank. He said the clerks may bring up suspicious activity to management, but 99% of the time, the managers can care less.

FWIW

SVT_Cobra · Apr 24, 2005

That's good news for everyone involved. It's about time we caught a break.

aceduecetrey · Apr 24, 2005

General- Nice to hear, but I think it is still important not to get sloppy.

HPark1 · Apr 24, 2005

"Bring in 5k per day for a month, they can care less."

That is very hard to believe. I assume it just takes them more time to locate you when you do this as opposed to larger transactions.

TheGeneral+ · Apr 24, 2005

I agree ACE. I would still not be Mr Obvious. LOL

one9 · Apr 24, 2005

Good news General. I have been wanting to open up a seperate account.

Journeyman · Apr 24, 2005

TheGeneral+ · Apr 24, 2005

HPark1 said:
"Bring in 5k per day for a month, they can care less."

That is very hard to believe. I assume it just takes them more time to locate you when you do this as opposed to larger transactions.

I would not recommend this either, but that was stated in the conversation. :drink: