I have been told that if I cash a check against my checking account without depositing it, that transaction is traceable if the IRS suspects you of not reporting that check as income. Is this a true assessment?
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Every banking transaction creates some form of electronic or paper record that can be discovered by the IRS if a taxpayer is under suspicion for tax evasion. That includes the cashing of a check, even if it's done at a check cashing outlet (non-bank).
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Every banking transaction creates some form of electronic or paper record that can be discovered by the IRS if a taxpayer is under suspicion for tax evasion. That includes the cashing of a check, even if it's done at a check cashing outlet (non-bank).
