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Author
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Topic: question about cashing checks...
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stangless
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Member # 1414
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posted
 
 
let's just hypothetically say that
someone i know is getting a crap load of checks every week.... they are all under his/her name and/or business name. how could you go about cashing them without having there be a record of it that could be tracked down to him/her in case of an audit.?
If you take the checks to the bank and cash them without putting them into your account.. will it show up as you cashing those checks? what if you take it to those places that cash checks and charge a fee, will that leave a traceable record?
Thanks.
Is it true that if you make withdrawals of over 10k you get attention from the irs and they start tracking your records?
Thanks.. any tips, words of advice, wisdome etc.?
thanks again.
disclaimer: this is all hypothetically speaking... ![[Razz]](tongue.gif)
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Posts: 4634 | From: bay | Registered: Jun 2002
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essasin
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Member # 4741
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posted
Hypothetically speaking that would be money laundering. LOL. It would be a piece of cake to work out with a good accountant. I personally don't know details but depending on how much money is invovled toe more complex the web will be. It could range from offshore accounts, personal foundations, personal investments, front groups, etc.
Posts: 2402 | Registered: Jul 2004
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tonster
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Member # 6093
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posted
it is true that transactions of $10k or greater will garner attention from the irs. checks cashed at banks should easily be traceable, but im not too sure about those check cashing places.
Posts: 321 | From: Fremont | Registered: Oct 2005
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BOTTLED.LX
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Member # 3267
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posted
i would think they would catch on at a check cashing place they ask for a finger print ![[patriot]](graemlins/patriot.gif)
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Posts: 1281 | From: E. SAN JOSE.CA | Registered: Sep 2003
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Venomized93
Founding Member
Member # 55
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posted
Well if this person is going to be cashing a lot of checks in either his name or business name. He better have an account with his business name. Because no bank will cash his business checks unless he has an account titled as a business or "doing business as". Actually if the checks are in the business mostly all banks require the checks to be deposited into the account then withdrawn. So it's better off for him to have the checks made in his name (NOT BUSINESS) and then he can cash them and it will not show up on his account/statements. Now if the checks are totaling over $10k there will be a CTR that is required for him to do at the time of transaction. The other thing is, if he opens an account right off the bat, they will not cash the checks immediately because it's a new account.
-His best bet his to get an account in his name (if he doesn't have one already).
-Get all checks in his name (not business)
-Cash any of his checks that he receives from his clients from THEIR local bank instead. if the check is from there.
-Keep all check cashing under $10k, perferably not as close to $10k too. Makes it too suspicious from trying to avoid a CTR
-Any of the other checks that he receives that aren't local checks, he would need to cash off his own account. Now keep in mind if the account is new, that can be very hard to do if they're a lot of checks.
Posts: 2077 | From: San Francisco, California | Registered: Oct 2000
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stangless
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Member # 1414
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posted
checks under his/her business name will just be deposited under his/her business account. which he's had for a long time.
But.. he/she recieves a lot of checks under his/her name.. and some , although very few, are made out to cash. could he simply go to his own back and cash them there without having to deposit them? is that what you are saying, venomized93?... or would he have to go to their banks and cash them there.?
are we talking about 10k max weekly or montly?
thanks.
[ October 10, 2006, 01:19 PM: Message edited by: Jmir018 ]
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Posts: 4634 | From: bay | Registered: Jun 2002
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Venomized93
Founding Member
Member # 55
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posted
He can definetely cash them if there in his name or cash (if made in "cash" certain banks will only allow the signer of the check to cash it). As for the $10k, that would be daily. If they are made in his name or cash, make sure he uses his personal account, or an account that has his name only, not business.
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Posts: 2077 | From: San Francisco, California | Registered: Oct 2000
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