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To: TexasGator
“You report to the IRS and you use Form 8300. “

Uh, that form is for cash RECEIVED ...

Right you are. The depositor doesn't report anything, the Bank has to report cash deposits of $10,000 or more on FinCEN form 112.

Which begs the question, how does the IRS know that a small business is depositing multiple smaller cash deposits if the bank doesn't report it?

48 posted on 10/29/2014 11:29:14 AM PDT by Yo-Yo (Is the /sarc tag really necessary?)
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To: Yo-Yo

The bank does report it if it looks like “structuring”. A business can avoid the reporting by filing a form stating intention of multiple deposits.


52 posted on 10/29/2014 11:48:39 AM PDT by TexasGator
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To: Yo-Yo

Banks and financial institutions are required to be on the lookout for evidence of structuring, among other things, or face huge fines themselves.


54 posted on 10/29/2014 12:08:40 PM PDT by waverna
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