Fund Transfer

[TMagda]

Not 100% positive, but the IRS is probably also informed. Creates an additional paper trail on the money.

[YENKO DEUCE REGISTRY]

I think the IRS has access to the information, but not sure if they are officially informed.

[YenkoYS-199Stinger]

The new trigger with the IRS is 5K. I stopped working in our family business last year and took 5 months off (can we say family feud). I was moving cash from the safe in to the checking account every few weeks and asked my banker to make sure that I stayed under the radar. If you are selling a car and have the documents to back it up, it should be no problem. Also, if it is cash I believe it shows up differently than a cashiers check on how it is reported to the KGB.

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Chris
1967 Yenko Stinger YS-199
Southeast of Disorder

[YENKO DEUCE REGISTRY]

$5k?? I think at that level, the IRS would be buried in meaningless info.

[SS427]

I was also recently told by my bank that at $5000 they are required to submit a document to the IRS. I would agree Marlin, $5k transactions today are very much common place and the IRS would be overwhelmed. I do as many as 10-15 of these a year easily though I have documents to back everything up. I think this could be another one of those, "keeps the honest, honest and the dishonest, scared"?
Rick

[GRB]

Der government must know what ze comrades are doing wis der money!

[YENKO DEUCE REGISTRY]

I imagine they summarize the data and look for trends or anomalies, but geez.... that's a lot of data!

[Schonyenko2]

[ QUOTE ]
Der government must know what ze comrades are doing wis der money!

[/ QUOTE ]
Must be East German before the commies left.

[GRB]

Dis iz true comrade! No soup for you!!

[njsteve]

[ QUOTE ]
I was moving cash from the safe in to the checking account every few weeks and asked my banker to make sure that I stayed under the radar.
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Chris
1967 Yenko Stinger YS-199
Southeast of Disorder

[/ QUOTE ]

Guess what! What you did right there was an automatic trigger for a SAR "suspicious acitivity report" to be filed by the bank. If your banker did not fill out the reports, he can face serious consequences for hiding the info, even though there was no criminal intent to hide anything. It is a mandatory reporting requirement for anyone making large deposits or attempting to circumvent the reporting of large deposits.