Will the IRS find out?
2007-10-09 10:37:53 · 5 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
It's borderline, depends if we're talking about the upper hundreds or lower hundreds (900 or 300 a week). They probably wont act unless they are losing at least $5K-$10K in tax revenue (either in a single year or over a few years) because it would cost about $5K-10K (paying the IRS agent and various other costs) to investigate. Now if you draw attention to yourself in some way or another that you would get auditted then they will have a higher probability of acting on it. Something like not filing taxes would draw attention.
2007-10-09 10:54:24 · answer #1 · answered by mchiefs40 2 · 0⤊ 1⤋
Banks are only required to report deposits of $10,000 or more. Deposits that appear designed to avoid the $10,000 cutoff are normally reported as 'suspicious transactions'. Contrary to popular belief, the purpose of reporting is to detect money laundering, NOT undeclared income. How would the bank know you quit your job?
2007-10-09 18:52:15 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
Cash deposits. Do you know that your bank is required to complete suspicious activity to the Federal Government? This not only includes all deposits of $10,000 but cash deposit went there is not know means of income. Further, the law doesn't allow your bank to tell you that they are doing it or they may lose their license.
2007-10-09 17:46:59 · answer #3 · answered by John R 3 · 0⤊ 0⤋
If it is only a few hundred dollars then no.
2007-10-09 17:49:43 · answer #4 · answered by scottsmylie 5 · 0⤊ 0⤋
Err...um...depends on the legality of it. If you report it, why would it matter. If you are trying to be illegal, then I hope they do.
2007-10-09 17:42:41 · answer #5 · answered by Anonymous · 0⤊ 0⤋