Quick question re: check cashing
 

Guys,

I have eight outstanding paychecks from my job and if I put them all in the bank at the same time it will go over 10k. I want to know very quickly if this will significantly increase my risk of being audited. Thanks.

Mods can move this quick question if you want, or somebody can post an answer and then the thread can be locked, sorry for cluttering up the forum with relative nonsense but not really sure where it goes.

-Michael

Re: Quick question re: check cashing
 

if its form your job arent they filing w-2 anyway

Re: Quick question re: check cashing
 

I don't know why it would trigger an audit, but I know they have to notify the govt. So if you have any relations to Al Queada, you might not want to do it.

Re: Quick question re: check cashing
 

[ QUOTE ]
if its form your job arent they filing w-2 anyway

[/ QUOTE ]

he probably wants to avoid an audit for other reasons than this.

It's not what you asked, but I used to be paranoid about this stuff too. I think best thing to do is get a good accountant and then you don't have to lose sleep worrying whether you get audited or not because you know you'll be ready for it if it happens.

And personally I can't imagine the IRS auditing someone because he cashed his checks all at once instead of over several months like a good citizen. But then I don't know much and also i think its dangerous to underestimate the stupidity of the system that is in place.

Re: Quick question re: check cashing
 

Thanks for the answers, guys. No need for anyone else to respond in this thread.

-Michael