I understand that cash transactions (deposits or withdrawals) over $10,000 have to be reported to the IRS. Specifically, does that mean each individual transaction or group of transactions? If I take out $9000 today and $9000 tomorrow, will I get reported?
Untitled
Federal laws and regulations make it a federal crime to deliberately structure financial transactions in order to avoid a requirement for reporting cash transaction activity. In fact, that form of avoidance has a name: structuring. It's illegal to do, and it's illegal for someone to suggest a way to do it, so if you came by your cash legitimately and you're not trying to hide income from the IRS, don't worry about cash transaction reporting and just complete your transactions, providing the information for any required report.
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Federal laws and regulations make it a federal crime to deliberately structure financial transactions in order to avoid a requirement for reporting cash transaction activity. In fact, that form of avoidance has a name: structuring. It's illegal to do, and it's illegal for someone to suggest a way to do it, so if you came by your cash legitimately and you're not trying to hide income from the IRS, don't worry about cash transaction reporting and just complete your transactions, providing the information for any required report.