When the IRS comes a calling...

[Fishhead]

I am with BANK of AMERICA and have NEVER filed anything in regards to the IRS with any of my deposits over $10,000.

 

[Fishhead]

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by Tekari:
Does neteller report total amount of withdrawals/deposits to the IRS? Is it the same affiliation as a regular bank?

anyone know this?<HR></BLOCKQUOTE>

They are based in Canada, so I would tend to not believe so.

 

[JohnnyDeMarco]

the death blow at an audit is when they see you paying your personal expenses from your business. Once they get wind of that it is over. Fishead is right never answer any questions until you have a tax professional on your side. I could of saved 80-90% if I would of listened.

 

[LarryWiley]

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by Tekari:
Does neteller report total amount of withdrawals/deposits to the IRS? Is it the same affiliation as a regular bank?

anyone know this?<HR></BLOCKQUOTE>

Don't use neteller if you transfer large sums of money around and if you are a US tax payer. Neteller will give out you information to most anyone with connections. If you are a recreational player you may be safe.

 

[Tekari]

larry what do you consider large amounts?

 

[LarryWiley]

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by Tekari:
larry what do you consider large amounts?<HR></BLOCKQUOTE>

Tekari, an aggregate of 10k in a 30 day period can raise an IRS red flag. Laws have toughen over the past years.

 

[bigbet1234]

you dont have to fish. it is called a CTR this is filed with the treasury department, not the IRS. it keeps track of large deposits. i have heard 3 or more CTR's in a given year, can raise flags. although it is not supplied to the IRS, if they request, they shall receive

<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by FISHHEAD:
I am with BANK of AMERICA and have NEVER filed anything in regards to the IRS with any of my deposits over $10,000.<HR></BLOCKQUOTE>

 

[bigbet1234]

general, what you stated about depositing 9,999. this is called structuring, and is a felony, i would adise not to make this statement<BLOCKQUOTE class="ip-ubbcode-quote"><font size="-1">quote:</font><HR>Originally posted by The General:
I called my bank one day recently and asked about the amount inwhich form filing was needed. Indeed, even though a federal credit union, each and everytime I deposit $10K or more, I would be required to fill out a form for the IRS.

So, I suppose if I go in weekly and deposit $9.99K, then no problems LOL.<HR></BLOCKQUOTE>

 

[Fishhead]

That darn General, always structuring!!!

We are in the midst of a felon folks!!!

Seriously though, thanks for the info Bigbet........appreciate it.