Q: If I deposited Around $1000 cash a week into a savings a checking account would that raise any flags with the IRS?
If everything is legit, why would it matter?
Please Take Notice: I am not your lawyer unless we enter into an engagement agreement in writing. This is only general information. It is NOT legal advice, and it may not work for your specific situation. It is impossible to evaluate a legal problem without a comprehensive consultation and review of all the relevant facts and documents. I strongly encourage you to consult with a local lawyer to get legal advice and help with your specific situation at your earliest convenience. I am licensed to practice law in Arizona.
A: Among other things, the answer would depend on (a) source of funds, (b) frequency of deposits and (c) reason for the frequency. If frequency is not to avoid the Banks Secrecy Act (BSA) reporting by your bank, you may be OK. Remember Dennis Hastert case. The information presented herein is for general purposes only. It is not intended to, and may not be construed as legal, tax or accounting advice. For specific advice, please consult a tax attorney in person. Good luck. Zaher Fallahi, Tax Attorney, CPA (California).
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