Example- it's not against the law to deposit $ into your family members accounts, a few hundred to Mom, more to your adult son & daughter, some in your wife's individual account- All at different banks under others SS#. Total for the week is $12,000 but spread out it's not even noticed as connected.
Do this for 3 years+ and no one transaction is illegal but if combined they would be structuring, correct?
At what point would this appear to be a crime? When does it cross over the line to conceal lots of cash?
The bankers do not KNOW what I know. Could they be in trouble? what about his CPA...he doesn't know about the excess cash either- he does tax returns w/ almost no info.
2006-12-05 09:38:04 · 6 answers · asked by upside down 4 in Politics & Government ➔ Law & Ethics
I think that is called Tax Evasion as it sounds like he is doing it to avoid paying taxes.
I would think the people that could get in trouble would be the person doing and the people who are knowingly helping him do it.
I assume he does not let the people keep the money, right? They give it back to him. It is then probably tax evasion.
2006-12-05 09:44:56 · answer #1 · answered by Just trying to help 3 · 0⤊ 0⤋
As long as you are declaring the transactions on your income tax returns and the others are reporting it as income on there - I am having a hard time discovering the crime here. If the money is off the books, it is a crime at the first transaction because you have intent plus action. It is just a matter of when the flags would be raised. The others who don't know are probably okay unless a reasonable CPA/banker would have inquired more. If there are red flags and a reasonable banker/CPA would have investigated, they may be on the hook, but not to the same extent as the principal.
2006-12-05 19:09:15 · answer #2 · answered by Tara P 5 · 0⤊ 0⤋
If it is done to cover up income for tax purposes and the party enjoys gains from it that they would otherwise not have, it would be illegal. I'm not an attorney, but that would be my thought on it.
Gifts are gifts, and who can say what kind of gifts are given. However, are those joint accounts? Does he still have access to those funds? Then it's not really a gift is it?
You need an attorney's expertise to get a real answer and I'll be watching to see what they say.
Best Wishes,
Sue
2006-12-05 17:42:22 · answer #3 · answered by newbiegranny 5 · 0⤊ 0⤋
When it violates 31 USC 5324. You can look at it at www.house.gov then select US Code. Title 31, Section 5324.
2006-12-05 17:46:06 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Why are you asking the same question over and over?
2006-12-05 17:40:11 · answer #5 · answered by Anonymous · 0⤊ 0⤋
its only illegal if you get caught
2006-12-05 17:42:05 · answer #6 · answered by Anonymous · 0⤊ 0⤋