OT: Possibly real version of the cash-out curse - IRS

[microbet]

I was rereading some of the Barry G. book yesterday when he mentioned being investigated by the IRS for the crime(?) of "structuring," which was depositing just under $10k in his bank repeatedly in an effort to hide it from the IRS.

He didn't get into trouble.

Obviously, I know next to nothing about this, just thought there might be a few structurers around here who might be interested.

[grac]

I think it's because banks have to contact the irs on all deposits >10k by depositing $9900 they don't have to. I only know this because of the Sopranos.

[Indiana]

[ QUOTE ]
I think it's because banks have to contact the irs on all deposits >10k by depositing $9900 they don't have to. I only know this because of the Sopranos.

[/ QUOTE ]

i love that episode where carmela goes to the bank with a deposit of like $9800.

Indy

[SuitedSixes]

So then what's amount to structure if you don't want to be accused of structuring? YouknowudImean?

[benfranklin]

[ QUOTE ]
I think it's because banks have to contact the irs on all deposits >10k by depositing $9900 they don't have to. I only know this because of the Sopranos.

[/ QUOTE ]

Banks are also required to notify the IRS of any activity that looks like an attempt to get around that regulation, like repeated deposits of $9000+.

[microbet]

[ QUOTE ]
So then what's amount to structure if you don't want to be accused of structuring? YouknowudImean?

[/ QUOTE ]

I wouldn't try to fool the IRS if I were you. It wouldn't be very keen.

[suzzer99]

fivk?

[cakewalk]

[ QUOTE ]
fivk?

[/ QUOTE ]

the crow flies at dawn when the eagle reads the morning paper

[suzzer99]

Well I never.

[cakewalk]

the communists are coming