IRS monitors cash withdrawals totaling more than $10k in a year.
Depends on frequency and amount. I guess it also depends on how much this loan is too as to how effective it could be as an option.
They put those new reporting requirements in this year. Anything over $10k out of a bank account per year, and over $10k in per year (excluding W-2 income) generates a report. Same for cash in and out.
After initially proposing to track bank accounts with more than $600 of inflows or outflows, on the Treasury on Tuesday offered a new threshold. More than $10,000 in transfers in a given year would flag an account for reporting to the IRS, the agency said in a press release. Wage and salary deposits won't count toward that threshold, the Treasury said.
The Treasury proposal would have banks report "gross inflows and outflows with a breakdown for physical cash, transactions with a foreign account, and transfers to and from another account with the same owner."
The proposal is part of a suite of laws that would close the so-called information gap — taxes that the government doesn't know to collect because of income that goes unreported. A vast amount of those unpaid taxes belongs to the wealthiest 1% of taxpayers — by one estimate, $160 billion a year goes unpaid by this group.
Good thing I just use cash. Fuck banks. And fuck the fed.
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