Like someone is planning to give me money to do business, but i never had so much money in my account. Wouldn't IRS check me if so what would happen?
2007-03-22 07:33:24 · 10 answers · asked by unknown 1 in Business & Finance ➔ Personal Finance
well its legit of course but you know i only have 100,000 in my account so what if i put 1 million in there. What would IRS do, what paper works do i need?
2007-03-22 07:51:34 · update #1
collect interest
2007-03-22 07:37:16 · answer #1 · answered by pixel shREdder 3 · 0⤊ 1⤋
They will want to know where the money came from and they will want their share. If you are starting a business you need to incorporate first then open an account for the corporation then put the money in there. No muss no fuss no IRS
2007-03-22 07:46:15 · answer #2 · answered by calired67 4 · 0⤊ 0⤋
Any single deposit (whether cash, check, or wire) over $10,000 in one business day will require the teller to run your name against the global terrorist list and fill out a special form to document the transaction.
It's no big deal and it happens all the time; they are just required to do it in case the FBI or anyone ever needs or requests info on that customer. It's to prevent money laundering. But they won't lock the funds or prevent you from depositing/withdrawing as much as you want--unless of course your name comes up on that terrorist list.
2007-03-22 07:48:30 · answer #3 · answered by lizzgeorge 4 · 0⤊ 0⤋
The IRS may ask where you suddenly received this large amount for a deposit. If it is legit you explain it is a start-up loan and the case is resolved. But tell me "how much is too much money"?
That is up there with:
2 much fun
2 much sun
2 much sex
Even Bill Gates and Oprah don't say they have too much money !!
2007-03-22 07:44:04 · answer #4 · answered by brocoman2 1 · 0⤊ 0⤋
I believe all checks over 7K have a copy sent to the IRS. It's been a while since I was told this so the amount may be wrong, but yeah they know. They will wait and see what turns up on your income tax, just to make sure you're not selling drugs, and if you are they want you to pay taxes on it. Honestly, I'm not kidding.
2007-03-22 07:40:38 · answer #5 · answered by Fordman 7 · 0⤊ 1⤋
No one will check anything. If your deposit is over $9,999.99 in CASH, you will be required to fill out a form declaring the source of the funds.
2007-03-22 07:41:15 · answer #6 · answered by Sane 6 · 0⤊ 0⤋
Noting Just fill out for tax unless it got left to you then don,t have cliam it my best to you good luck
2007-03-22 11:25:18 · answer #7 · answered by pattibcacl 6 · 0⤊ 0⤋
As long as you have a legitimate business deal along with paperwork, you shouldn't have a problem.
2007-03-22 07:38:30 · answer #8 · answered by librarianb 3 · 0⤊ 1⤋
just wire me half of it so it won't raise red flags with IRS.
2007-03-22 07:37:46 · answer #9 · answered by philosijew 1 · 0⤊ 1⤋
Move it offshore.
2007-03-23 03:47:18 · answer #10 · answered by ajs 2 · 0⤊ 0⤋