How do I deposit a large amount of cash without getting in trouble?
If this is the first time you have credited a large cash amount (and I mean US$/ GB£ Notes) in to your account, particularly if your transactions in the past have been small, be prepared for questions, not initially by the cashier, but later when the voucher processing stage.The bank will take the money over the counter purely for safety sake (walking around with a lot of hard cash is very dangerous) may not place it in you account, but in a special suspense account for inspection. If it is electronic funds transfer, such as a Telegraphic Transfer or CHAPS payment, which has an audit trail, there are unlikely to be questions.When my late father passed on, I received a significant (for me) legacy, I notified my bank that the money was coming in from a solicitor and it was as a result of my father’s legacy. Further that there were going to be a lot of high value out-bound transactions.:To pay off my mortgage and second Charge over my houseTo buy a carPay a series of large debts (average £10K each)That gave them notice that the unusual transactions were known about and were not suspicious, particularly given that they were going to happen within about 10 days of the money coming in to the account, to be sent out again. It indicates to the bank that there is no money laundering.The safest way of depositing a large sum is by:CHAPS/BACS/ Wired Funds Transfer (TT); with the exception of BACS “real time”.Bankers Draft, payable to you, or marked “Bearer”. That is a “cheque” drawn on the bank of issue from their reserves, so in effect a guaranteed payment. The term bearer means that whoever holds that draft is entitled to the money and can demand payment in an alternative form, whether that is Gold, Precious materials including commodities, like oil, precious stones etc. and of course currency notes. Again the last one far from safe.
Can you get away without paying tax for cash in hand jobs?
Haha... Your question threw me off... Cash in... hand jobs... Anyway, um, yeah, lots of people work under the table and don't report it. It's very common. You can get into trouble but I've never known anyone who has. Just remember that it also means that a) you are doing something illegal, b) if you're American, you're not adding to your social security worth, meaning, less benefits to survivors if you die, etc., c) if you are laid off, you cannot claim that income in an unemployment claim... I'm sure there are more downsides I'm not thinking of. I wouldn't report the person. What's the point of that? Yeah, it doesn't feel "fair" but there are a lot of worse things going on around you, I'm sure.
Can the IRS intefere with my bank account or take money from it?
Gee, let's see, you've just asked a question that indicates that you are evading taxes, humn, let me think about whether the irs or the government will find out about this. Probably now, yes. By the way, the irs does look at a person's lifestyle to see if how they live matches what they claim for a tax return. I think you're playing with fire, and will get burned.
What should I do? Paid in cash. No W2s. No 1099.?
I was being paid in cash a few years ago. I worked for a very small company for three months. I was told by a family friend that this person was looking for a little extra help because of his independent work load. The guy hired me ASAP. I loved working for the person. He was a great guy. Besides, the money was good, too. I was paid in cash every week, on time. It was a was a good experience for me, also because I was also in school for the the same reason, at that time. So, it really helped me. I have since then graduated. Anyhow, I have put his company on my resume several times since then and have never had any problems landing a job. He has always given me a great recommendation (as have all my previous employers). We are still friends, too. I mean we still communicate every now and then. Like I said he's a great guy and his wife and I are still friends, too. However, recently I applied for a different position, with a different company, and was offered the job. Yay, right! Yes, but their company is asking me for all of my w2s from all my previous employers in the last 7 years. I have no problem providing this info and already have, except with his company. I was paid under the table. I have no w2s and no 1099. I never filed taxes for that company or anything. I don't know what to do because I don't want to get in trouble with the IRS and I don't want to get him in any trouble. I also still want this job. It would be perfect. Can someone please give me some advice on how to handle this situation. I have provided everything else that this company has asked me for. I also passed the background check and drug test. I really want this job, but do you think this one thing will stand in the way. Also, it is too late to just say that I volunteered for his company. I already put him as previous employer. They already contacted him and all my other previous employers. Help. Thanks in advance.
Can a transfer of $10,000 dollars be made to an account number without the bank or IRS becoming suspicious?
Banks do not usually report balances or income to the IRS. If you get audited by the IRS, that's a different story. Working in banking for 4 years, I've seen transfers for lot more money so it's not really suspicious activity. Splitting up the transfers to smaller amounts is more suspicious. If you want to withdraw it immediately, that might be considered unusual and I would ask a few more questions before proceeding.If you are making the transfer by depositing cash, as long as the deposit is less than $10,000.01 the teller does not have to file a Currency Transaction Report. The CTR doesn’t get reported to the IRS though. It goes to the Fed as a way to track cash and prevent money laundering. If you’re going to deposit cash over the $10k and a penny mark, DO NOT SPLIT UP YOUR DEPOSITS. Just make the deposit and let them file the form. This is called structuring and is both illegal and considered suspicious activity by banks.Edit: I would also like to point out that there is a big difference between your bank, the Federal Reserve, and the IRS. The IRS is taxing your income. You should be reporting this as income and paying the appropriate tax on it if that's what it is. If you’re just transferring your own money, then no big deal. If it's a gift, ask a tax attorney about it. Your bank just wants to make sure the funds are legitimate and they arent involved in money laundering. They report to the Federal Reserve in this matter.
Where can you cash checks over $15,000?
If you report your income, why would the IRS come after you??? You dont make sense. Regardless, there are NO entities that will just " cash" that check as you present it to the teller. You will have to deposit it, and wait for the funds to clear. Either way--- ANYONE that cashes that check, if $9000 or more, they HAVE TO BY LAW report the transaction. If you keep a paper trail, and report your income, there isnt a damn thing the IRS can do to you. EDIT--- since your email didnt allow for reply--- You are not a company(sole proprietorship), so you arent under the restrictions of having to pay quarterly estimated tax. Simply have the company that you are selling this to provide you a 1099 then report the cash when you file...