Q: Is what I am doing considered as structuring or smurfing?
Question answered. Thanks
A:
Although you probably do not know it, you are operating a small business in California. And since your small business involves currency trades you may be violation federal or state law doing what you are doing for a living.
And BTW, in today's brave new world of super high-tech electronic banking you cannot do this forever without the United States Government finding out about it. What the the government might do is the subject of a much more valuable memo of law that I provide to my paying clients. (Hint: Do NOT start doing this for your friends or family--or for anyone else.)
As a closing gift I will also tell you this: The Internal Revenue Service does not care where you get your money--as long as you report all of it to them--and pay income tax on it in the calendar quarter you earned it . Since this is a business, you might be able to offset some of the income with legitimate expenses (if approved) that you can prove you paid when earning your profit.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
