I was in the music business a while ago and I just got contacted by a guy with whom I had worked in the past. He told me that I had a large check coming to me of about $60,000, but I am kind of worried about how to deposit it and then how to report it to the IRS so I dont have a problem. Can you help me?
Your bank is obliged to report large cash deposits, but a deposit in the form of a check would not need to be reported. As for your responsibility to report taxable income to the IRS, that's not something for which we can give advice.
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Your bank is obliged to report large cash deposits, but a deposit in the form of a check would not need to be reported. As for your responsibility to report taxable income to the IRS, that's not something for which we can give advice.
