BIGCITYACCOUNTANT I appreciate your input, always. Cash transactions of $10,000 or more require a FORM 8300 to be filed. (you can find the pdf form on the IRS website if so inclined.) There are many safeguards in place. The BSA=Bank Secrecy Act:
The
Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering.
The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires financial institutions in the United States to assist U.S. government agencies to detect and prevent money laundering
https://pocketsense.com/deposits-reported-irs-7557.html
And for individuals who think they can side-step or avoid that reporting, they still have to contend with
SAR=Suspicious Activity Reports that are done by banks internally when a person deposits more than $2000 cash 3 times in one month. If you have tenants who pay you in cash, or a Farmer's Market Vendor who receives cash payments, be sure to let your banker know the reason you are depositing a lot of cash. (Banking relationships are important!) If a bank can not discern why you are depositing so much cash....expect that you will be "engaged in a courteous conversation of inquiry" or expect to have your account closed.
Sadly, I live in a state where marijuana sales are legal for medical purposes, but not legal under Federal laws....so I just have to tell the person, "I can't do any work for you." I have no idea how others in my profession handle it....but
I love my country and respects its laws, so I won't even deal with people/business that make me uncomfortable about their financial wheeling and dealings.
I can't help but wonder if SP did any gambling when he went to the Philippines and what hotel/casino would have a record of him in that country. The coincidences are profound, to say the least.