5 ms·
I would think the vast majority of cash deposits are under $10k, so I assume what they mean is repeated deposits of close to, but slightly under, $10k.
by lutorm 10y ago
I would think the vast majority of cash deposits are under $10k, so I assume what they mean is repeated deposits of close to, but slightly under, $10k.
- freditup 10y agoAlso called "structuring" - intentionally making small transactions to avoid the oversight that comes with large ones [0]. [0]: https://en.wikipedia.org/wiki/Structuring https://en.wikipedia.org/wiki/Structuring
- timv 10y agoAnd the law in question specifically says No person shall, for the purpose of evading the reporting requirements of section 5313 ... But the report indicates that the IRS made no attempts to determine whether the supposed "structuring" was done for the purpose of evading the reporting requirements, and simply ignored any evidence the showed that the pattern of deposits had a legitimate explanation.
- wav-part 10y agoIs "for the purpose" predefined ? If not, we have only ourselves to blame for including such subjective terms in such serious matters.
- pmiller2 10y agoAnd now that you know about it, you too can found guilty of structuring! ;)
- phil21 10y agoYou didn't need to know about it to be guilty of structuring. I'd posit that most folks who get hit by this crap likely didn't know about it until their money was gone.
- protomyth 10y agoYou would think that, but that's not what is happening. A gas station was doing ~$800 per day and got grabbed. This is the type of stuff the really makes people lose faith in a rational system.