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Posted: 2/17/2010 5:06:02 AM EDT
[#1]
Quoted:
Anything 10,000 and over in cash at any one time gets reported to the Feds. 9999.99 and less does not Don't trust this! This may be the law but it is not what happens on day to day basis. My wife works in banking. The federal regs require them to report any activity over $10,000.00 BUT the bank she works for reports anything $5,000.00 and over. Their rationale is that they are going over and above what the feds want in order to be "super compliant". |
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Posted: 2/17/2010 5:07:03 AM EDT
[#2]
Is this from your Nigerian windfall profits?
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Posted: 2/17/2010 5:33:54 AM EDT
[#3]
don't use banks
small fireproof safe inside your big fireproof safe for cash pay cash for everything, work for cash as much as you can pay as little taxes as you can works for me great and its easy |
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Posted: 2/17/2010 5:35:19 AM EDT
[#4]
Quoted:
Anything 10,000 and over in cash at any one time gets reported to the Feds. 9999.99 and less does not If you had $10k in cash.........why the hell would you put it in the bank? |
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Posted: 2/17/2010 5:37:41 AM EDT
[#5]
Quoted:
Quoted:
Open a few accounts in banks all over town, a few as DBA's or LLC's (you can incorporate in DE I think really cheaply). Deposit said monies into various accounts in amounts of less than $800. Write checks to yourself from the DBA's, LLC's, and yourself and start running them around town until you eventually get it transfered into one or two accounts in different banks. Make it look like you write checks to the 'businesses' and they write you checks. All the while you are depositing non-sequential amounts. Get some business-looking deposit slips too. Do this 3 times a week in different banks, using a different pattern. There you go, money-laundering 101. And I just came up with that, no book learning or criminal experience. Now, what do you need this info for? (and now I wait for the people who tell me that wouldn't work...) Two subpoenas and I have your whole deposit history. An ex parte order and I have all your tax records. Your State gives me your business info with a phone call, maybe a letter. The U.S. Attorney's office gives me a seizure warrant for all of your accounts and any tangible assets you've purchased since the creation of the accounts, house, cars, toys, whatever. Now the onus is on you to prove a legitimate source of the funds and proceeds. Most people can't. Forfeiture proceedings are really short, and the auctions happen really fast. Now you're a homeless federal felon with no 2A rights. I don't recommend that anyone take your banking advice. And, if anyone along the way tips you off as to what is coming down, they are subject to felony charges as well. Welcome to the USA! ETA:Based on this, an audit of the FED should not be necessary, because they should have reported who they gave the TARP money to.  
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Posted: 2/17/2010 5:38:13 AM EDT
[#6]
Anton Chigurh LOVES this thread.
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Posted: 2/17/2010 5:39:06 AM EDT
[#7]
I remember reading about a guy who worked in a big city parking meter dept. and stole several 100's of thousands of quarters, nickels and dimes over the course of decades and had started a fake laundromat or video arcade and deposited the stolen coins into a bank business account.
He had to pay tax on it but the rest was "laundered" and available for use. |
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Posted: 2/17/2010 5:45:52 AM EDT
[#8]
Quoted:
Anything 10,000 and over in cash at any one time gets reported to the Feds. 9999.99 and less does not If you've never made a cash deposit that large, depositing $9,999 will get you flagged. But yes, $10k is the supposed cut-off. Source: My wife used to work in a bank. |
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Posted: 2/17/2010 5:46:26 AM EDT
[#9]
HOOKERS and BLOW you cant go wrong
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Posted: 2/17/2010 6:01:09 AM EDT
[#10]
I once deposited $10,000 and didn't fill out the paperwork. The bank called me back after they locked my account to get the paperwork. Then the government called me and asked me stupid questions, but when they asked me what my profession was, I told them I was "a student." That didn't go over very well... more stupid questions, then finally they stopped bothering me.
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Posted: 2/17/2010 6:02:19 AM EDT
[#11]
What if I save $100 from each paycheck and keep it in a safe for a "rainy day" fund and over the years I accumulate more than 10k and decide to deposit it in the bank and start my rainy day fund all over again, am I guilty of a crime? Will I owe taxes on it?
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Posted: 2/17/2010 6:06:18 AM EDT
[#12]
Create an account specifically for this purpose - name it something related to the trip.
do not mix any of the money with your personal bank accounts. You will be happier and safer in the long run.
Quoted: Alright...looks like I'll just deposit the whole amount. Here's the deal. I'm collecting down payments and final payments for an overseas workshop/trip for my students. All the checks have been made out to me. Many of our expenses, such as airfare will have receipts, but many others will not. Thus, it makes it very difficult to show that I am not earning a profit on this trip. Posted Via AR15.Com Mobile |
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Posted: 2/17/2010 6:07:59 AM EDT
[#13]
Transactions of "more than" $10,000 have to be reported to the Treasury Department, not the IRS.
If a bank employee notices you structuring multiple transactions of less than that in order to avoid the reporting requirement, they are required to report those. They're also required to report any "suspicious" activity, which is not specifically defined. If they think there is any chance you might be laundering money, most bank people will err on the side of caution and report you in order to cover their own asses. They're trained to do that. |
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Posted: 2/17/2010 6:11:09 AM EDT
[#14]
Quoted:
Quoted:
The *IRS* doesn't notice bank deposits. They can gain access to bank records, if they choose. Most of the other statements people are making in this thread have nothing to do with the IRS. WINNER WINNER. These suspicious activities get reported to the Financial Crimes Enforcement Network (FinCEN), not the IRS. FinCEN And what "crime" is being commited by depositing over ten grand in cash? What probable cause? I like freedom, and I don't like this. |
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Posted: 2/17/2010 6:13:02 AM EDT
[#15]
Quoted:
Quoted:
Open a few accounts in banks all over town, a few as DBA's or LLC's (you can incorporate in DE I think really cheaply). Deposit said monies into various accounts in amounts of less than $800. Write checks to yourself from the DBA's, LLC's, and yourself and start running them around town until you eventually get it transfered into one or two accounts in different banks. Make it look like you write checks to the 'businesses' and they write you checks. All the while you are depositing non-sequential amounts. Get some business-looking deposit slips too. Do this 3 times a week in different banks, using a different pattern. There you go, money-laundering 101. And I just came up with that, no book learning or criminal experience. Now, what do you need this info for? (and now I wait for the people who tell me that wouldn't work...) Two subpoenas and I have your whole deposit history. An ex parte order and I have all your tax records. Your State gives me your business info with a phone call, maybe a letter. The U.S. Attorney's office gives me a seizure warrant for all of your accounts and any tangible assets you've purchased since the creation of the accounts, house, cars, toys, whatever. Now the onus is on you to prove a legitimate source of the funds and proceeds. Most people can't. Forfeiture proceedings are really short, and the auctions happen really fast. Now you're a homeless federal felon with no 2A rights. I don't recommend that anyone take your banking advice. And its sad that he has to prove that his money was aquired legally rather than the state prove that he comitted a crime to get the money. |
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Posted: 2/17/2010 6:13:58 AM EDT
[#16]
Quoted:
Quoted:
Anything 10,000 and over in cash at any one time gets reported to the Feds. 9999.99 and less does not Don't trust this! This may be the law but it is not what happens on day to day basis. My wife works in banking. The federal regs require them to report any activity over $10,000.00 BUT the bank she works for reports anything $5,000.00 and over. Their rationale is that they are going over and above what the feds want in order to be "super compliant". Considering you have just posted on the internet on a site with many different kinds of LE, my guess is that you are already noticed. At this point you should just deposit the money and answer the questions if they come up. If you are a real money launderer, you should quit, since you are not very covert. |
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Posted: 2/17/2010 6:18:19 AM EDT
[#17]
The answer, as previously posted, is open a separate account. Make sure it is non interest bearing, and has the class trip listed as part of the account name. This is nothing unusual, banks set these up for school groups all the time. No interest so that it creates no taxable income to you. When reported to "the man" with the class trip info noted, it will be ignored. Once your trip is done, close the account.
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Posted: 2/17/2010 6:20:09 AM EDT
[#18]
The problem with the IRS is they count any deposit as income and you have to prove it isn't.
When I transfer funds in between accounts I always make notations that this is a transfer. So I can prove it later. You might not think that is a big deal, but if you do daily deposits, over the course of years, you forget stuff. You don't need to launder $10,000. The guys that do this do millions. And they buy something like a restaurant that has $10,000 a month in sales and report $100,000 a month in sales and deposit their ill gotten gains and pay the taxes but then it is legitimate money. |
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Posted: 2/17/2010 6:21:04 AM EDT
[#19]
Quoted:
Quoted:
Open a few accounts in banks all over town, a few as DBA's or LLC's (you can incorporate in DE I think really cheaply). Deposit said monies into various accounts in amounts of less than $800. Write checks to yourself from the DBA's, LLC's, and yourself and start running them around town until you eventually get it transfered into one or two accounts in different banks. Make it look like you write checks to the 'businesses' and they write you checks. All the while you are depositing non-sequential amounts. Get some business-looking deposit slips too. Do this 3 times a week in different banks, using a different pattern. There you go, money-laundering 101. And I just came up with that, no book learning or criminal experience. Now, what do you need this info for? (and now I wait for the people who tell me that wouldn't work...) Two subpoenas and I have your whole deposit history. An ex parte order and I have all your tax records. Your State gives me your business info with a phone call, maybe a letter. The U.S. Attorney's office gives me a seizure warrant for all of your accounts and any tangible assets you've purchased since the creation of the accounts, house, cars, toys, whatever. Now the onus is on you to prove a legitimate source of the funds and proceeds. Most people can't. Forfeiture proceedings are really short, and the auctions happen really fast. Now you're a homeless federal felon with no 2A rights. I don't recommend that anyone take your banking advice. ... and how is it that crap like that is possible, in the land of the free???  I understand that it's "legal" in the sense that there are laws and regulations that were passed by the government that allow for it, but it's not right. Not at all. No matter what the JBTs and all the others who profit from that f*cked-up system think.
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Posted: 2/17/2010 6:21:46 AM EDT
[#20]
Law technically requires that series of deposits also be reported. Not saying that the series is always detected - but repeated deposits of 9,900 are pretty damn obvious.
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Posted: 2/17/2010 6:28:51 AM EDT
[#21]
Here's a bunch more information about federal currency transaction currency reporting requirements:
http://www.irs.gov/compliance/enforcement/article/0,,id=113003,00.html |
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Posted: 2/17/2010 6:29:47 AM EDT
[#22]
The IRS is concerned about income being reported - that is about their extent of caring that the law is followed. They do share information they gain with other agencies if they see that other laws are violated-such as the social security administration and perhaps even state unemployment offices.
The core trick to money laundering is to get the money recorded in such a way that you can pay tax on it. You take illegally attained money and funnel it through a legitimate business which pays tax on it. There are lots of legitimate businesses that deal with cash. I think there are probably some good jokes about the profitability of Italian restaurants to be made. |
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Posted: 2/17/2010 6:30:50 AM EDT
[#23]
Quoted:
If the funds are just going to be in your possession for a few weeks I wouldn't bank it. Just get a $20 fireproof safe and hide it in your basement. +1 QFT |
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Posted: 2/17/2010 6:38:55 AM EDT
[#24]
Quoted:
Quoted:
Quoted:
The *IRS* doesn't notice bank deposits. They can gain access to bank records, if they choose. Most of the other statements people are making in this thread have nothing to do with the IRS. WINNER WINNER. These suspicious activities get reported to the Financial Crimes Enforcement Network (FinCEN), not the IRS. FinCEN And what "crime" is being commited by depositing over ten grand in cash? What probable cause? I like freedom, and I don't like this. Correct. I served on a JTF-6 counternarcotics task force in 2000 and had a Fincen account. Fincen is just a repository of data, nobody analyzes it etc. A federal investigator can call in and give his password and ask for specific information/reports submitted on a person. Otherwise the data just sits there. As long as you are not the subject of some investigation you have nothing to worry about.. There is no crime in depositing over 10K in cash and as long as you arent involved in anything shady, nobody will really know. You have to specifically come up in an investigation(most of the time this is narcotics..) to have your data requested. What I dont know is if the IRS can request this, say if they are doing a routine audit, etc. I doubt an examiner can do it, would have to be one of the IRS Special Agents, of which there are relatively few. |
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Posted: 2/17/2010 6:43:20 AM EDT
[#25]
Quoted:
Quoted:
Quoted:
Open a few accounts in banks all over town, a few as DBA's or LLC's (you can incorporate in DE I think really cheaply). Deposit said monies into various accounts in amounts of less than $800. Write checks to yourself from the DBA's, LLC's, and yourself and start running them around town until you eventually get it transfered into one or two accounts in different banks. Make it look like you write checks to the 'businesses' and they write you checks. All the while you are depositing non-sequential amounts. Get some business-looking deposit slips too. Do this 3 times a week in different banks, using a different pattern. There you go, money-laundering 101. And I just came up with that, no book learning or criminal experience. Now, what do you need this info for? (and now I wait for the people who tell me that wouldn't work...) Two subpoenas and I have your whole deposit history. An ex parte order and I have all your tax records. Your State gives me your business info with a phone call, maybe a letter. The U.S. Attorney's office gives me a seizure warrant for all of your accounts and any tangible assets you've purchased since the creation of the accounts, house, cars, toys, whatever. Now the onus is on you to prove a legitimate source of the funds and proceeds. Most people can't. Forfeiture proceedings are really short, and the auctions happen really fast. Now you're a homeless federal felon with no 2A rights. I don't recommend that anyone take your banking advice. And its sad that he has to prove that his money was acquired legally rather than the state prove that he committed a crime to get the money. You have it backwards. If you are structuring deposits and laundering the money through multiple back transactions and accounts you are committing a felony. By doing this you've made the money "dirty", even if it was legitimately derived in the first place. Besides, if it was legitimately derived why would you need to launder it? The money is no different than any other fruit or instrumentality of a crime. Use it in the commission of a felony and it is subject to seizure and forfeiture. |
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Posted: 2/17/2010 6:49:10 AM EDT
[#26]
Quoted:
. What I dont know is if the IRS can request this, say if they are doing a routine audit, etc. I doubt an examiner can do it, would have to be one of the IRS Special Agents, of which there are relatively few. I don't know that they need to. They get to look at your bank records which would clearly show cash deposits. If you counted those cash deposits as income. End of investigating that entry. If you didn't, you are going to need to document where that money came from. |
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Posted: 2/17/2010 7:17:24 AM EDT
[#27]
Bank Secrecy Act, google that shit.
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Posted: 2/17/2010 7:26:11 AM EDT
[#28]
Ok, folks...this is turning into a thread on how to launder money. THIS WAS NOT THE INTENT.
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Posted: 2/17/2010 7:30:11 AM EDT
[#29]
Quoted:
Quoted:
Anything 10,000 and over in cash at any one time gets reported to the Feds. 9999.99 and less does not YOu fail. The banks also report series of deposits that are deemed suspicious, even if each deposit is below the limit. That 8 dollar an hour teller can file an SAR on ANYTHING he or she feels they want to... there is no set "limit" |
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Posted: 2/17/2010 7:30:40 AM EDT
[#30]
Just be honest about your deposits. If you make a windfall profit, in cash, expect to report it as income. Or at least, report that portion of it
that you choose to deposit. Nobody knows what's hidden in your mattress, but large expenditures in a short time will raise flags. How to account for "questionable" windfall profits? Easy. Take a trip to Vegas. Say you had a good night and made several decent hits at several casinos. No single hit was big enough to warrant individual reporting at the casino. 2000 here, 1500 there... CJ |
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Posted: 2/17/2010 7:32:15 AM EDT
[#31]
Quoted:
Quoted:
It is my understanding that banks are required to provide notice to the IRS of substantial deposits. Does anyone know what that amount might be? The official number is 10k, however any bank that suspects you of attempting to hide money from the IRS is obligated to report it regardless of the amount. Does it apply to people or just accounts? In other words, same person but multiple accounts an issue? Does it apply to single deposits, multiple deposits, or deposits within a certain time frame? Following the above 2 questions through is a federal felony, 'Structuring'. See Eliot Spitzer. You are asking for advice on how to commit a crime (hide money from the IRS), which is a violation of the ARFCOM CoC IBTL! The self apponted arfczar speaks... |
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Posted: 2/17/2010 7:33:42 AM EDT
[#32]
Quoted:
Quoted:
Quoted:
Quoted:
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Anything 10,000 and over in cash at any one time gets reported to the Feds. 9999.99 and less does not making mult deposits to get around this=PMITAP Right next to Elliot Spitzer. IIRC, Elliot was subject to additional monitoring due to his status as a political figure. I remember reading about this during his fall. ***But all the same, you should consider professional financial advice prior to making any solid decision rather than Arfcom GD*** Spitzer is not the only one who has gone down for structuring. Pay your goddamn taxes - it's not that hard... I'm surprised this hasn't been locked yet... CoC #4 & all... The self appointed ARFCZAR screams!!!.. gonna hit the report button next dave? |
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Posted: 2/17/2010 7:33:47 AM EDT
[#33]
Quoted:
Structuring a bunch of smaller deposits to go under the 10k wire will also get you caught. If you're asking these kinds of questions on the internet you should probably think long and hard about whatever you're involved in. Not just caught - there was a post on here not long ago about a guy that went to PRISON for structuring deposits to avoid the 10,000 limit! Bad mojo to mess around with this if the money is legit. |
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Posted: 2/17/2010 7:34:01 AM EDT
[#34]
Originally Posted Byre. Scooter1942:
Ok, folks...this is turning into a thread on how to launder money. THIS WAS NOT THE INTENT. Well to be fair anyone who wants to know how to launder money isn't going to learn how on ARFCOM. I haven't looked, but I bet wiki has a hell of a lot more info than anything we are going to post here. 
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Posted: 2/17/2010 7:41:27 AM EDT
[#35]
Quoted:
Quoted:
If the funds are just going to be in your possession for a few weeks I wouldn't bank it. Just get a $20 fireproof safe and hide it in your basement. I want to know where I can get a $20 fireproof safe ???? here toy go |
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Posted: 2/17/2010 11:10:42 AM EDT
[#36]
Quoted: Originally Posted Byre. Scooter1942: Ok, folks...this is turning into a thread on how to launder money. THIS WAS NOT THE INTENT. Well to be fair anyone who wants to know how to launder money isn't going to learn how on ARFCOM. I haven't looked, but I bet wiki has a hell of a lot more info than anything we are going to post here. Just find a coke dealer.....  |
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Posted: 2/17/2010 1:41:26 PM EDT
[#37]
Quoted: ETA:Based on this, an audit of the FED should not be necessary, because they should have reported who they gave the TARP money to. The FEDERAL RESERVE didn't give *any* 'TARP MONEY' to *ANYONE*.... That was the Treasury Department. |
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Posted: 2/17/2010 1:41:57 PM EDT
[#38]
Quoted: Quoted: Quoted: The *IRS* doesn't notice bank deposits. They can gain access to bank records, if they choose. Most of the other statements people are making in this thread have nothing to do with the IRS. WINNER WINNER. These suspicious activities get reported to the Financial Crimes Enforcement Network (FinCEN), not the IRS. FinCEN And what "crime" is being commited by depositing over ten grand in cash? What probable cause? I like freedom, and I don't like this. It was instituted to stop money laundering and tax evasion by organized crime... Think RICO |
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Posted: 2/17/2010 1:43:11 PM EDT
[#39]
Quoted: Quoted: Originally Posted Byre. Scooter1942: Ok, folks...this is turning into a thread on how to launder money. THIS WAS NOT THE INTENT. Well to be fair anyone who wants to know how to launder money isn't going to learn how on ARFCOM. I haven't looked, but I bet wiki has a hell of a lot more info than anything we are going to post here. Just find a coke dealer..... Who wasn't just laid off by the company you stole the money from, and isn't selling magazine subscriptions... If that fails, have your crazy co-worker burn the building down.... |
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Posted: 2/17/2010 1:44:40 PM EDT
[#40]
If what you are doing is legal, just drop all of it in, and they will ask you a few questions, then you are golden.
If you are trying to keep from paying taxes, keep it out of the banking system and don't buy anything large with it. |
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Posted: 2/17/2010 1:46:08 PM EDT
[#41]
Quoted: Alright...looks like I'll just deposit the whole amount. Here's the deal. I'm collecting down payments and final payments for an overseas workshop/trip for my students. All the checks have been made out to me. Many of our expenses, such as airfare will have receipts, but many others will not. Thus, it makes it very difficult to show that I am not earning a profit on this trip. Posted Via AR15.Com Mobile In that case, talk to a CPA and/or tax lawyer.... They will give you better advice than anyone on ARFCOM. |
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Posted: 2/17/2010 4:28:57 PM EDT
[#42]
Quoted:
Quoted:
Quoted:
Quoted:
The *IRS* doesn't notice bank deposits. They can gain access to bank records, if they choose. Most of the other statements people are making in this thread have nothing to do with the IRS. WINNER WINNER. These suspicious activities get reported to the Financial Crimes Enforcement Network (FinCEN), not the IRS. FinCEN And what "crime" is being commited by depositing over ten grand in cash? What probable cause? I like freedom, and I don't like this. It was instituted to stop money laundering and tax evasion by organized crime... Think RICO Understood. But the point still stands. It is wrong that the government monitors private financial transactions because they might commit a crime. If you suspect a person of a crime, get a warrant, but until then, MYOFB. RICO is bullshit because any law that exempts unions is bullshit. "Necessity is the clarion call of the tyrant." Disreali. |
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Posted: 2/17/2010 4:31:29 PM EDT
[#43]
Quoted:
Quoted:
Quoted:
Quoted:
The *IRS* doesn't notice bank deposits. They can gain access to bank records, if they choose. Most of the other statements people are making in this thread have nothing to do with the IRS. WINNER WINNER. These suspicious activities get reported to the Financial Crimes Enforcement Network (FinCEN), not the IRS. FinCEN And what "crime" is being commited by depositing over ten grand in cash? What probable cause? I like freedom, and I don't like this. Correct. I served on a JTF-6 counternarcotics task force in 2000 and had a Fincen account. Fincen is just a repository of data, nobody analyzes it etc. A federal investigator can call in and give his password and ask for specific information/reports submitted on a person. Otherwise the data just sits there. As long as you are not the subject of some investigation you have nothing to worry about.. There is no crime in depositing over 10K in cash and as long as you arent involved in anything shady, nobody will really know. You have to specifically come up in an investigation(most of the time this is narcotics..) to have your data requested. What I dont know is if the IRS can request this, say if they are doing a routine audit, etc. I doubt an examiner can do it, would have to be one of the IRS Special Agents, of which there are relatively few. So no warrant? Just some invesitgator's request? What about The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized. ?
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Posted: 2/17/2010 5:02:01 PM EDT
[#44]
Seriously, nobody is really going to care, unless
(1) you are really the infamous Abu-Nidal-Scooter2001, or (2) have an affinity for Ryder trucks and a kick ass collection of blue barrels filled with amonia nitrate Assuming you can legally own the Thompson shown in your avatar, I don't think you'll have any problems. Our yearly GDP is $12,000,000,000,000....that's $23M every minute of every day. If you are moving around enough money to draw attention, you should be talking to your accountant, not us. People temporarily hold on to money that's not really theirs all the time. This happens a lot of times to adult children when parents sell houses, cash out retirement accounts, cash out and move into a nursing home, etc. Who knows, maybe you are a Congressman and ran out of room in your freezer? Sure, to follow the letter of the law, you might have to set up an partnership, LLC or corporation and record the pass through transaction, but is it really worth the paperwork? As long as you don't make a habbit out of it I don't think anyone is going to care. |
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Posted: 2/17/2010 5:05:58 PM EDT
[#45]
Quoted: Anything 10,000 and over in cash at any one time gets reported to the Feds. 9999.99 and less does not However, if you go to 5 different branches depositing $9,999 at each one, you'll get a visit from the feds for trying to get around the $10k rule. Whereas, just depositing the all the money at one branch, I believe you'll just have to fill out a form. They'll know about it regardless, do it the legal way. |
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Posted: 2/17/2010 5:08:53 PM EDT
[#46]
Quoted: Quoted: Quoted: Quoted: Quoted: The *IRS* doesn't notice bank deposits. They can gain access to bank records, if they choose. Most of the other statements people are making in this thread have nothing to do with the IRS. WINNER WINNER. These suspicious activities get reported to the Financial Crimes Enforcement Network (FinCEN), not the IRS. FinCEN And what "crime" is being commited by depositing over ten grand in cash? What probable cause? I like freedom, and I don't like this. It was instituted to stop money laundering and tax evasion by organized crime... Think RICO Understood. But the point still stands. It is wrong that the government monitors private financial transactions because they might commit a crime. If you suspect a person of a crime, get a warrant, but until then, MYOFB. RICO is bullshit because any law that exempts unions is bullshit. "Necessity is the clarion call of the tyrant." Disreali. Agreed on the union-exemption being bullshit... As for FINCEN, it rides the line very closely on the warrant requirement. The fact that the reports are filed by private individuals, not government agents, being part of that... |
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Posted: 2/17/2010 5:16:47 PM EDT
[#47]
Quoted:
It is my understanding that banks are required to provide notice to the IRS of substantial deposits. Does anyone know what that amount might be? Does it apply to people or just accounts? In other words, same person but multiple accounts an issue? Does it apply to single deposits, multiple deposits, or deposits within a certain time frame? I won't get into details, but it's a large sum that is ultimately not in my possession but for a few weeks. AS a heads up, staggering transactions so that they fall below mandatory reporting requirements is a federal crime. And yes, the feds have and currently are prosecuting people for it. Additionally, financial institutions are required to report any transaction that they believe is suspicious. $10000 is just a per-se value. |
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Posted: 2/17/2010 5:19:33 PM EDT
[#48]
Quoted: Quoted: Quoted: Anything 10,000 and over in cash at any one time gets reported to the Feds. 9999.99 and less does not Don't trust this! This may be the law but it is not what happens on day to day basis. My wife works in banking. The federal regs require them to report any activity over $10,000.00 BUT the bank she works for reports anything $5,000.00 and over. Their rationale is that they are going over and above what the feds want in order to be "super compliant". Considering you have just posted on the internet on a site with many different kinds of LE, my guess is that you are already noticed. At this point you should just deposit the money and answer the questions if they come up. If you are a real money launderer, you should quit, since you are not very covert. I think he's more worried about getting audited than arrested. |
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Posted: 2/17/2010 5:58:25 PM EDT
[#49]
I wired in well over the $10k once, I'm sure IRS got a notice.
Completely transparent to me. |
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Posted: 2/17/2010 7:42:55 PM EDT
[#50]
Quoted:
Quoted:
Structuring a bunch of smaller deposits to go under the 10k wire will also get you caught. If you're asking these kinds of questions on the internet you should probably think long and hard about whatever you're involved in. Not just caught - there was a post on here not long ago about a guy that went to PRISON for structuring deposits to avoid the 10,000 limit! Bad mojo to mess around with this if the money is legit. And that money was made legally, and he paid taxes on it. The prison term was for not making deposits large enough so it gave the appearance that the money was made illegally.z |
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