Survivalist Pro
Survivalist Pro
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Making multiple, smaller deposits that equal $10,000 or more will also be flagged and reported. 1 For example, if you were to deposit $2,000 each day over the course of a week, the bank would report the deposits for suspicious activity once they exceed the $10,000 level.
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Read More »Every business owner dreams of large cash deposits, but there are rules to follow when it comes to reporting them. For cash deposits of $10,000 or more, you must report the transaction to the Internal Revenue Service (IRS). This is crucial for small business owners to remember to avoid associated penalties and fines. You’ll want to know which form to file, as well as the situations that require you to disclose bank deposits. We’ll walk you through how much cash you can deposit before it must be reported, the types of transactions, and the law from which these rules stem. Key Takeaways Business owners who receive more than $10,000 cash in one or more related transactions must file IRS Form 8300. Banks are required to report any cash deposits over $10,000 to help the federal government create a traceable money trail that can be used to detect criminal activities. When you file Form 8300, you provide the IRS and FinCEN with tangible records of large cash transactions.
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Read More »The Bank Secrecy Act (BSA), also known as the Currency and Foreign Transactions Reporting Act of 1970, is a law that requires U.S. financial institutions to help monitor and intercept money laundering. The Financial Crimes Enforcement Network (FinCEN) is responsible for enforcing compliance with the BSA, alongside the IRS. The BSA requires all cash payments over $10,000 to be reported on Form 8300. As mentioned, the law defines “cash” as including several monetary instruments, such as money orders, cashier’s checks, and bank drafts. Banks need to report your activity anytime you have one deposit exceeding $10,000, or two or more related deposits that cross that threshold. Small business owners need to pay particular attention to the last caveat regarding multiple related deposits. If you decide to break up your large deposits, it could be viewed as “structuring”—the illegal practice of spreading out deposits to avoid reporting funds to the IRS. Banks will report you to the IRS once deposits reach the $10,000 mark, whether via commercial or personal banking. If you conduct a lot of your business in cash, you will want to pay extra attention to the amounts and frequency of your deposits to ensure you are complying with the law.
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Read More »You’ll also want to keep in mind the time period in which you file the form; the BSA requires you to file Form 8300 within 15 days of completion of the cash transaction. This means that if you received $2,000 over the span of five weeks from a customer, you want to report the transaction within two weeks and a day of the last payment. If you get a lump sum of $10,000, file your form by the 15th day after receipt. The form is free to file online using the BSA E-Filing System provided by FinCEN. It is also possible to file by mail, sending the form to the following address:
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