Assuming providers make over $10k a week or month easy, what do most providers do with the cash? If they deposit it frequently, the bank will report it to the government and ther could be investigations on money laundering or suspicious activity. So do most providers just do a cash economy and spend only cash? I like to hear on how providers are getting around this
while not easy for the Feds to prove, making deposits less than $10k for the purpose of avoid the $10k law is also against the law. An escort agency in Vegas (no not HHPC or 100ProofofLV), was recently indicted for the usual tax scenarios and one of the charges the Feds nail them with was "structuring".
The Agency in LV is Midnight Entertainment which is one of the agencies that you'll find all over the phone book, cabs, cards passed out on the strip, etc.
Looks like a pretty easy case of proving "structuring" to me.
Take note of every single cash deposit at multiple banks. It's very easy for the IRS to get that information and match it up once you catch their attention.
Posted By: ShillBill
while not easy for the Feds to prove, making deposits less than $10k for the purpose of avoid the $10k law is also against the law. An escort agency in Vegas (no not HHPC or 100ProofofLV), was recently indicted for the usual tax scenarios and one of the charges the Feds nail them with was "structuring".
Stash your cash away in a bank's safety deposit box if you don't want it lying under your bed. Banks don't want you doing that, but I doubt they'd look into what you have in your box. Now you can pay your credit cards with cash at the teller. No need to pay them with money from a checking account. At least BofA and Chase let you do that. But with AmEx, you're out of luck. Or you could use rechargeable debit cards. That way, you can maintain a low balance in your checking and savings accounts.
For example, you can't use it to buy a house. It will probably trigger an audit very shortly. IRS will want to know if you paid the taxes on the money that you spend on buying the house.
It's perfectly legal and will stand up in court, if you are willing to testify for her. If you are willing to use up your lifetime estate exclusion amount then the limit is over $5 million for 2012.
IRS take you to trial. If there's a provider that I like a lot then I may teach her how to avoid getting caught by IRS, free of charge. I know some of them already know how. I don't see how it would help anyone, except IRS agents, if I tell everyone how to do it on a public forum.
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