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Need some help on a Missouri business........
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Beerslayer
Posted 4/8/2021 13:56 (#8940035 - in reply to #8939925)
Subject: RE: Need some help on a Missouri business........


Little papa - 4/8/2021 10:56

No big deal. Just deposit 5000 today 5000 tomorrow and 5000 next day.. Been there done it. No problem.


It may have been no problem for you, but it is a crime called Structuring. Read up on it about all the people who have been convicted and jailed for just what you did and got away with.

The official threshold for filing a Currency Transaction Report is $10,000. Most banks voluntarily file one for anything $5000 and above.

Rather than just claim this to be a fact, here's a source:
https://www.irs.gov/irm/part4/irm_04-026-013

If you don't want to wade though the IRS website, from the link above:

"Structuring is the practice of conducting financial transactions in a specific pattern calculated to avoid the creation of certain records and reports required by the Bank Secrecy Act (BSA) and/or IRC 6050I, Returns relating to cash received in trade or business, etc. (Form 8300, Report of Cash Payments Over $10,000 Received in a Trade or Business)"

"the breaking down of a single sum of currency exceeding $10,000 into smaller sums, including sums at or below $10,000, or conducting a transaction or series of currency transactions at or below $10,000. The transaction or transactions need not exceed the $10,000 reporting threshold at any single financial institution or on any single day to constitute structuring within the meaning of this definition."

There's lots more info on there but that's the essence of it.

What I do to make it easy for the bank teller is I tell them in a coversation just what it was for. Something like "I know you have to file a CTR on this and so you would need to know that I just sold a tractor". Or I found a good deal on one when I take out $20,000 in cash.

It makes it easy for them and then accurate information gets sent in then nobody has to investigate how you got the money.

As for cashiers checks, they are easy to fake and are one of the most common scams out there. I won't accept them. The bank can take them in a deposit and give you cash, you can spend it and then later they come after you for the money. No more cashiers checks for me.
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