Question: Is there a ceiling on the amount of money you can deposit into your checking / savings account before the bank is obligated to notify the government / IRS? I've done some searching, but I haven't seen a single accurate answer, just lots of guesses.
Color me curious. I remember an episode of "The Sopranos" where Carmella stole some of Tony's money and wanted to put it in the bank. She went to a bunch of different banks and opened accounts with a total of about $9900 or something along those lines. The bank employee noted, "wow, what a coincidence. a penny over this amount and we'd have to notify the IRS about this transaction."
That's similar to what I've been told by local casino dealers though I don't recall the precise amount
See if this helps : http://library.lp.findlaw.com/artic... Penalties/filename/financeandbanking_2_3528
Well i know for a fact if you deposit more than $10,000 on one transaction you have to fill out a form at the bank with your social security number and all your information that is turned into the IRS and goverment and they track those. I have dealt with this many times with my business. It's a real pain but they make you do it. That's why in the show they probably told him to put 9900 in.
I used to work at a bank (actually credit union) and yes any time someone deposited 10,000 or more, you had to get them to fill out this form. Supposedly, if they wanted to deposit like $9,900 at one branch and then the rest at another, that they still had to fill the form out since the total was over $10,000 and done all in the same day.
I've read that staggering your deposits just under the reporting minimum to avoid the IRS notification is against the law, and the banks do keep on a lookout for that, and you can be prosecuted for it.
Yes sir...very very true....IRS is not stupid...they might not catch you now...but they will catch you soon enough and it will be one big lump sum that you don't have cause you blew it on your new ferrari =)
You can do it like how John Tavolta explains it in "Get Shorty". Get a safety deposit box and put your cash in there. Then dip in whenever you need money with the IRS none the wiser.
Doesn't the bank automatically report this to the IRS? I always thought the only time you had to worry about filling out forms is when moving money in and out of foreign funds. I've never been into a bank and have often moved large sums of money from account to account. I've never filled anything out since I use linked accounts and deposit checks at ATM's. I haven't been inside a bank in about 10 years. Of course if you don't see me posting tomorrow, I've probably been deported.
Laundering: To clean...no, uh, here it is. To channel money through a source or by an intermediary. If we’re caught while laundering money, we’re not going to go to white-collar-resort-prison. No, no, no. We’re gonna go to federal-reserve-pound-me-in-the-ass-prison.
It was a check for a little over $28,000 and another check for a little over $4,000 and then a multiple of checks of $100 - $500. i guess the deposit was a little over $30,000.
