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Reply to "Have you ever asked if your contractor for a major renovation will do better for cash?"
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[quote=Anonymous]Unless you’re skimming cash from a business (already a crime), withdrawals of more than $10,000 from a bank are reported to the IRS. Making multiple withdrawals or deposits to avoid detection by the IRS is a crime, called “structuring.” It’s what they prosecuted Denny Hastert for. Withdrawing the money is legal, but a pattern of large cash withdrawals could trigger an audit. The contractor is required to report cash payments of over $10,000 to the IRS. Whether or not they do this is not your problem, but if you get audited and they get caught not reporting, they’re in trouble. In short, somebody who is willing to do this is shady and probably not someone you want to work with, as the potential savings are really not worth the risk to them of getting caught. [/quote]
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