5 ms·

Its a bloody nightmare. Anything above $10k triggers a bunch of bureaucracy but the money that causes and therefore to deal with this (lawyers, accountants, et

Its a bloody nightmare. Anything above $10k triggers a bunch of bureaucracy but the money that causes and therefore to deal with this (lawyers, accountants, etc) is not theirs to keep. They could end up paying thousands in fees, and have to wait years to get $80K back from the taxman

eek2121 4y ago
You are definitely overstating it. The bank is required to keep records and file paperwork (i.e., inform the IRS) on deposits of over $10,000, but other than that, nothing happens. I regularly receive large deposits from my place of employment that exceed $10,000. I file taxes just like every other person each year. Shoot, I've received refunds from the IRS that exceed that amount.
tluyben2 4y ago
I got everything frozen over a 10k payment by my employer which the bank had the contract and prior transfers (same amount) of. I had to come to the bank office to clear it up; I was (of course) on the other side of world then trying to pay for my hotel room. Great fun.
- sulam 4y ago
  I would change banks. This is a routine event for a lot of people.
  - tluyben2 4y ago
    I did when I arrived back.
sulam 4y ago
I get deposits from Google over that amount quite frequently and nothing bad happens. I do pay taxes on my income of course, but it’s not that anything over $10K is automatically a problem. In this case, yes they will need to pay taxes on it if they keep it. That’s not imminent and I imagine this will get cleared up well before then. It’s amusing that they filed a support request, though, and are only going to get it resolved due to publicizing it on Twitter. We really need a better way to get help from these companies.