Is it true that federal regulations require a bank to report any deposit of $10,000 or more to the IRS?
Banks are required by law to report cash transactions exceeding $10,000. There are certain exceptions based on the relationship the customer has with the bank. That is, many businesses that routinely make large deposits can be placed on an exemption list as routinely filing reports would serve no purpose. Those on the list must pass a separate review, however, to get on that list and they are routinely reviewed afterwards.
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Banks are required by law to report cash transactions exceeding $10,000. There are certain exceptions based on the relationship the customer has with the bank. That is, many businesses that routinely make large deposits can be placed on an exemption list as routinely filing reports would serve no purpose. Those on the list must pass a separate review, however, to get on that list and they are routinely reviewed afterwards.
