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oden · 01-13-2010, 10:08 PM

You need to find an ACORN office. They can advise you. LOL

guest031513-1 · 01-14-2010, 12:46 AM

Quote:

Originally Posted by winemaker

Mind you, a bank is required to report any deposit greater than $8K in a single transaction

It is 10k not 8 and it is best to avoid these if possible but getting one won't get you an audit or anything but multiples can throw out a red flag but if you are business owner in a cash business that should not matter.

WTF · 01-14-2010, 08:23 AM

Quote:

Originally Posted by randomuser

It is 10k not 8 and it is best to avoid these if possible but getting one won't get you an audit or anything but multiples can throw out a red flag but if you are business owner in a cash business that should not matter.

Actually that is what is REQUIRED.

Ask Elliot Spitzer if any of his cash transfers were over ten.

guest031513-1 · 01-14-2010, 10:03 AM

Quote:

Originally Posted by WTF

Actually that is what is REQUIRED.

Ask Elliot Spitzer if any of his cash transfers were over ten.

You are incorrect, surely we have a banker on here somewhere that will chime in. For a cash deposit in an account at a bank the amount is 10k, there are other amounts that will get you flagged on different type things such as a cashiers check but not a cash deposit. However if you are doing large cash deposits very often it is the tellers responsibility to use their judgement on filling out one of those nice little forms for you. It is the same as the law on carrying over 10k cash at a time must be reported to the IRS.

How would asking Elliot Spitzer help me? I don't believe what people say, I go on facts, show me the deposit slips then I will show you deposits over 10k or someone just being ignorant and doing way too many near 10k deposits that are too close together.

Guest012211-3 · 01-14-2010, 10:09 AM

Does the bank alert you when/if they fill out these forms? I made a huge transfer (over 20k) to London in October. How do you find out if they do not tell you?

atlcomedy · 01-14-2010, 10:34 AM

Quote:

Originally Posted by randomuser

You are incorrect, surely we have a banker on here somewhere that will chime in. For a cash deposit in an account at a bank the amount is 10k, there are other amounts that will get you flagged on different type things such as a cashiers check but not a cash deposit. However if you are doing large cash deposits very often it is the tellers responsibility to use their judgement on filling out one of those nice little forms for you. It is the same as the law on carrying over 10k cash at a time must be reported to the IRS.

How would asking Elliot Spitzer help me? I don't believe what people say, I go on facts, show me the deposit slips then I will show you deposits over 10k or someone just being ignorant and doing way too many near 10k deposits that are too close together.

You & WTF are actually agreeing with each other

MrGiz · 01-14-2010, 10:46 AM

If one of your regular clients is a small business owner..... give him cash and let him reimburse you via company check. If you do it on a fairly routine basis , the two of you can figure out a scheme for some sort of services rendered. He can give you a 1099 at the end of the year, providing legitimacy for your income, and give him a tax break at the same time!

It works! But.... of course, it has to be a business which he has complete control of, without anyone looking at the books, besides him. Should be no reason why you couldn't have the same arrangement with more than one business owning client.

Giz

guest031513-1 · 01-14-2010, 10:46 AM

Quote:

Originally Posted by atlcomedy

You & WTF are actually agreeing with each other

lol, sorry WTF.. Just woke up and thought you were saying the 8 was correct. Maybe I should stay off the forums until my brain turns on.

guest031513-1 · 01-14-2010, 10:53 AM

Quote:

Originally Posted by Nicole Preston

Does the bank alert you when/if they fill out these forms? I made a huge transfer (over 20k) to London in October. How do you find out if they do not tell you?

Yes they do, they will tell you while they are doing it and it is has been forever since I had one but I do think I had to sign it. I could have avoided mine but I needed the money in the account ASAP so I went ahead as getting one here and there won't flag anything but is still best to avoid. It would also depend on if the money was in your account or if you took cash in and wanted to do a wire. If you did a cash deposit for the 20k then they would fill out the paperwork on the deposit. The most I have done on a single wire was approx 50k but it was money already in the account and I didn't have to do anything more than the normal wire xfer paperwork. That was through my business account so it would have made no difference if they did paperwork anyway.

atlcomedy · 01-14-2010, 11:12 AM

Quote:

Originally Posted by Nicole Preston

Does the bank alert you when/if they fill out these forms? I made a huge transfer (over 20k) to London in October. How do you find out if they do not tell you?

No they don't have to tell you.

What they are tracking is cash. Normal, law-abiding people transfer large amounts from account to account all they time for all kinds of purposes like a large purchase (house, car, college tuition

) or to facilitate an investment. It really isn't anything to freak out about.

The thing to recognize is unless you go the "under the mattress" route (which might be rough on your back if you do incalls

), you are creating a paper trail if you are banking regardless of the size of your deposits. If you are audited you'll need to explain yourself.

WTF · 01-14-2010, 11:15 AM

Quote:

Originally Posted by randomuser

lol, sorry WTF.. Just woke up and thought you were saying the 8 was correct. Maybe I should stay off the forums until my brain turns on.

No worries. If you're a Beatle, It's been a hard days night, a Stoner and ya just can't get no satisfaction.

It is a sad day though when the atl is now my translator of record!

notdeadyet · 01-14-2010, 11:19 AM

Another "interesting" aspect of the tax return question is that there are both civil and criminal penalties for failing to file a required tax return or deliberately filing a false one (see the bottom of a 1040 where the line above the line for signatures begins "Under penalties of perjury...."). Civil penalties for significant understatements of income are substantial -- I seem to recall 50% of the tax understatement. Criminal penalties include "Go to Jail", and, despite what anyone may have read, even minimum security federal prisons are not country clubs.

If "special agents" of the IRS ever show up at your door, the ONLY response is "I have nothing to say, and am calling my lawyer." Remember that Martha Stewart went to jail for lying to the feds, not for insider trading.

atlcomedy · 01-14-2010, 11:24 AM

Quote:

Originally Posted by randomuser

Yes they do, they will tell you while they are doing it ....

I believe they did that as a courtesy for a valued customer so you were aware they were noting, but I don't believe it is a requirement to tell you, particularly as it relates to suspicious activity, but don't hold me to this...these laws have changed a great deal recently.

pjorourke · 01-14-2010, 11:30 AM

Quote:

Originally Posted by Nicole Preston

Does the bank alert you when/if they fill out these forms? I made a huge transfer (over 20k) to London in October. How do you find out if they do not tell you?

They notified TSA. Enjoy your flight and the strip search. :P

WTF · 01-14-2010, 11:34 AM

Quote:

Originally Posted by Nicole Preston

Does the bank alert you when/if they fill out these forms? I made a huge transfer (over 20k) to London in October. How do you find out if they do not tell you?

What's a Plano girl doing in London?