The home land security act requires that banks get all of your personal info including your SSN. Also, the bank must report to the IRS any interest you earn on you deposits.
If you are trying to hide cash from the IRS the best bet is to get a safe deposit box at the bank where you keep you account. That way you call put large amounts in the box and know one would know, not even the bank.
Then you can keep a small balance in your account and use the cash from the box whenever you need to.
does the IRS have means to know if you when you've opened a bank account, and where? If they know that, do they have the means to find out how much you have on deposit. I'm concerned about the latter also, and is why I haven't allowed them to take automatic withdraws from my account when I've owned back taxes.
As is they will not care if you are up to date with your taxes, filings and reportings... if you are under an exam by them for previous filed returns or are in their collections for back taxes or unfiled returns they will know all about bank accounts and scrutinize everything!
be advised that any cash found in a safety deposit box is presumed to be cash from tax evasion. Who get into box? If you do not pay on time box will be opened, usually within 6 months and emptied and the contents reported. Cash will be reported to IRS. Also if you die, box will be opened unless you have a cosigner who empties box before bank has notice of your death. Also, if you are in trouble with the IRS they can block your entry to box.
So keep cash in a bank deposit box with those risks understood. not to mention fire, quakes and theft. Theft??? Sure, when bank officials or the official in charge of boxes knows what you have it is an easy trick to get into box. I think it was J.D. Rockefeller who had a long time box filled with loose diamonds that went missing after his death.
As far keeping cash in a bank account, different states have different privacy rules. If it is in a non interest account the amount of cash may go unreported although the actual account may still show up in an audit.
The home land security act requires that banks get all of your personal info including your SSN. Also, the bank must report to the IRS any interest you earn on you deposits.
If you are trying to hide cash from the IRS the best bet is to get a safe deposit box at the bank where you keep you account. That way you call put large amounts in the box and know one would know, not even the bank.
Then you can keep a small balance in your account and use the cash from the box whenever you need to.
years and years ago I worked with a guy up north who was an expert on "burying it out in back". I had made a little joke about the brushbunnies burying their money in mason jars. He said that the newer plastic jars, like the ones that peanut butter and such come in, work better. It won't break when the ground freezes and thaws, which can destroy paper money. He said to tape a metal washer to the inside of the lid so you can find it again with your metal detector. Coin is favored above paper money, paper disintegrates. Just sayin'
I think the safety deposit box idea is probably better for the cityfolk. ha ha just my 2 cents, but seriously, don't leave a paper trail...anywhere!
When I was getting divorced, I sold off my gun collection. I opened a bank account with a buddy... put his name on first so my soon-to-be ex would not find it in a search (since his SS# was used). Buddy got sick & was hospitalized & could not pay. A search spotted the money & they took it.
Didn't you ever hear the song, "Don't take your guns to town".
Your problem was that your bud got sick and your name was on the account. In a case like that most people find a person of trust to hold the cash for them without their name attached. Most people with the same problem shift to children or close relatives and hope for the best. Of course this is illegal as assets should be fully disclosed in such cases. However, if the assets are spent early on then they cannot be recovered, for example an expensive vacation trip for you and your girlfriend. If divorce action were fair it would be better to have half of the assets rather then risk losing all but that ain't what happens most of the time.
They can determine your assets, cash, property, etc and your expenses and calculate your income and require you to pay taxes. I suggest you see an accountant and pay taxes like the rest. You can put your occupation as entertainer.
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