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Thread: How much cash can you put in the bank without tripping something?

  1. #26
    Banned Melonie's Avatar
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    Default Re: How much cash can you put in the bank without tripping something?

    ^ Well, yeah. I mean, I live in a van, how much money could they possibly think I have?
    that all depends on whether or not the IRS thinks you've been sending money outside the USA to a Cayman Islands / Lichtenstein bank account or not ! Just because the IRS can't immediately 'find' money in a US bank / brokerage / retirement account with your name on it doesn't conclusively prove that you didn't actually earn the money these days !


    is it suspicious if I always deposit money in cash, usually in denominations of $20s?
    again a lot depends on the teller training policy of individual banks, as well as your own 'pattern' of deposits. If you show up to make a $1000 cash deposit every friday, saturday and monday like clockwork week after week, then yeah this could be construed as 'suspicious'.

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    Default Re: How much cash can you put in the bank without tripping something?

    Quote Originally Posted by BrodieLux View Post
    is it suspicious if I always deposit money in cash, usually in denominations of $20s?
    Yeah...I do this too...and though I admit it seems suspicious, WTF else am I to do with those bills?!
    ~Makenzie

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    Default Re: How much cash can you put in the bank without tripping something?

    Quote Originally Posted by StuartL View Post
    The tax authorities use guidelines for income for such professions. In other words, the expect certain workers, such as dancers, to have incomes that are between $x and $y. Of course, they don't reveal what those bands are.

    If you are outside of those bands, you are automatically suspicious.

    From their perspective, this has nothing to do with deductions - as suggested above. After all, you keep receipts for deductions. That bit you should be able to prove fairly conclusively. They do of course have an idea as to what those deductions should be - so if an individual has gone crazy with things, that may be investigated too.

    The income part is different though...

    Apparently, the statistics they use are a nationwide and historical average. That means that if an industry is dishonest, you could probably get away with a lot - but why take the risk?
    How do they know what kind of "dancer" you are? What if you put "performer" or something vague like as your job title, how would they know you are a stripper? Do future employers also know you were a stripper if they run a background check?

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    Banned Melonie's Avatar
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    Default Re: How much cash can you put in the bank without tripping something?

    ^^^ the IRS does NOT specifically know what sort of entertainmer you are when you fill in the 'entertainer' job code on your tax return. However, if the club you are working at sends in a 1099 miscellaneous income report to the IRS next february (example - for lap dance / VIP room money that the club has charged to customer credit cards and in turn paid out to dancers), then the IRS knows EXACTLY where you have been working.

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    Default Re: How much cash can you put in the bank without tripping something?

    Ironically, I've now driven too far east and there are none of my banks out here. So I'll have to do the money order thing...



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    Banned Melonie's Avatar
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    Default Re: How much cash can you put in the bank without tripping something?

    Ironically, I've now driven too far east and there are none of my banks out here. So I'll have to do the money order thing...
    well, keep in mind that the reporting limit for MO purchases at the USPS is $1500 (I think), and that the reporting limit for 'private' MO purchases is more like $1000. If you purchase MO's that total up to more than that on the same day from the same location they'll whip out a reporting form and start asking questions. I don't know about 'pattern' reporting requirements i.e. walking in to the same post office day after day and buying the same $500 worth of money orders with well used $20 bills. When I was still doing road work I would try to alternate between different local post office branches and different grocery stores and different WalMarts, in order to avoid hitting the same clerk more than once, just to be on the 'safe' side.

    I would also mail back the filled out money orders to two different bank accounts on a daily basis, in order to avoid the possibility of having a whole stack of 'for deposit only' money orders being booked as a single large deposit by either of my banks.

    Again, there is nothing illegal about buying enough money orders to trigger a transaction report. There is also nothing illegal about having a whole weeks' worth of road trip earnings deposited into a single bank account on a single day. However, such things DO increase potential audit risk, so why take a chance.

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    Featured Member BrodieLux's Avatar
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    Default Re: How much cash can you put in the bank without tripping something?

    Quote Originally Posted by Melonie View Post
    federal threshold for mandatory IRS cash transaction reporting by the bank is $10,000. Some states have lower mandatory state tax agency transaction reporting (with New York being $3000), that also finds its way back to the IRS. However, bank tellers have been given directives that they should report 'suspicious activity' by bank customers, and those 'suspicious activity' reports do not have a minimum cash trigger level.

    If you're only talking about a one time $1000 deposit, I doubt this would be considered a 'suspicious activity'.
    Regarding the $3,000 threshold in New York, is that one-time, per month or cumulative?
    Quote Originally Posted by CuriousSeeker View Post
    ^Pssssttttt, your stripper is showing.

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    Default Re: How much cash can you put in the bank without tripping something?

    ^^^ same day

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    Senior Member Paul in Saudi's Avatar
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    Default Re: How much cash can you put in the bank without tripping something?

    In truth with the recent increase in paranoia (and the decrease in the cost of computer storage) it would seem all sorts of transactions could come come to the attention of Law Enforcement.

    Everyone ought to be prepared to answer nosy questions. For most members of this board, it ought to be easy. Tell them your stage name is Bambi and if need be show them your tits. For me, I have been lucky so far, still I suspect some busybody will knock on the door sometime I pass through the US.

    I am the most suspicious person I know.
    If I give all I have to the poor and surrender my body to the flames, but have not love; I gain nothing. Paul’s 1st Letter, 13th Chapter

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    Default Re: How much cash can you put in the bank without tripping something?

    Quote Originally Posted by Paul in Saudi View Post
    Everyone ought to be prepared to answer nosy questions. For most members of this board, it ought to be easy. Tell them your stage name is Bambi and if need be show them your tits.
    And what, exactly, would we accomplish by doing that? The IRS doesn't accept payment in the form of "tits" from anyone, especially Bambi

    Quote Originally Posted by pheno View Post
    When you lead a nontraditional life don't try to measure it with traditional milestones.

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    Default Re: How much cash can you put in the bank without tripping something?

    Kinda on topic - it's best to keep the IRS uninvolved whenever possible, but if you make a lot of "just under the reportable limit" transactions, this can also trigger an audit (and worse, a federal prosecution).



    Takes a little searching, but all the answers you'll need you can find there.

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    Banned Melonie's Avatar
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    Default Re: How much cash can you put in the bank without tripping something?

    And what, exactly, would we accomplish by doing that? The IRS doesn't accept payment in the form of "tits" from anyone, especially Bambi
    well, I could tell you a story about an IRS auditor with a big breast fixation ... which wound up being worth quite a few extra dollars in tax deductions.

    if you make a lot of "just under the reportable limit" transactions, this can also trigger an audit (and worse, a federal prosecution).
    absolutely true, based on a 'suspicious behavior' report from a bank.

    However, IMHO the greatest audit risk to dancers probably has nothing to do with the dancer's own taxes and finances as long as the girl hasn't tried to pull something outrageous. It is much more probable that a club will wind up being investigated for tax fraud or some other offense, with the club's file of 'employment applications' subsequently yielding a treasure trove of dancer social security numbers thus providing the IRS with a whole bunch of 'ripe targets' to audit / investigate.

    The same thing can happen based on one dancer at a club doing something totally stupid with her personal taxes and finances and attracting an audit. In the process of auditing her, the IRS is likely to run a cross-check against all other tax returns filed by people listing the same income source i.e. 1099's issued by the same club.

    The IRS prioritizes audit attention, and 'stripping' is both a cash business (higher probability of funny business with reported income) and an adult business (which now has a targeted IRS enforcement unit).

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    Senior Member Paul in Saudi's Avatar
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    Default Re: How much cash can you put in the bank without tripping something?

    Forgive me. I was unclear. I meant to explain that for a dancer, an investigation ought to be quick and easy. "I'm a dancer, I can prove it."

    I on the other hand have foreign bank accounts, handle moderate amounts of cash and have a mailing address in one state and "residency" in another. I always expect that I will have a bitch of a time explaining that to some American who insists I need a zip code for Saudi Arabia.
    If I give all I have to the poor and surrender my body to the flames, but have not love; I gain nothing. Paul’s 1st Letter, 13th Chapter

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    Default Re: How much cash can you put in the bank without tripping something?

    I meant to explain that for a dancer, an investigation ought to be quick and easy. "I'm a dancer, I can prove it."
    this may be technically true, but dancers have a very difficult time 'proving' how much they earned, or sometimes more importantly dancers have a very difficult time 'proving' that they did NOT actually earn as much money as the IRS may estimated that they did !

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    Default Re: How much cash can you put in the bank without tripping something?

    I am a student, I don't work at my club that much, and I have no bills to speak of that are outrageous. I haven't made any extravagant purchases at all in my life. I own my car...it is paid off years ago before I started dancing. I'm planning on claiming whatever I deposit in my bank account, plus a little more, I honestly don't make an extravagant amount of money.

    I pay for my schooling with loans plus some grants so I mainly live off of those. I strip for gas, food, utility bills, rent etc.

    Would the IRS fuck with me anyway? I want to declare my income. I don't want to run into trouble down the road plus I need proof of income for buying a new car someday.

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    Featured Member CuriousSeeker's Avatar
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    Default Re: How much cash can you put in the bank without tripping something?

    Melonie,

    Your info on the tax thread scared me, though it's stuff I technically knew before. Somehow hearing the actual situations brought it all home.

    dancers have a very difficult time 'proving' how much they earned, or sometimes more importantly dancers have a very difficult time 'proving' that they did NOT actually earn as much money as the IRS may estimated that they did !
    Is there any way I can get proof from my club instead of just my word? Would that be better than just my logs? I'm thinking if I wind up in a confrontation, could I bolster my case with something? Can I ask for these things:

    * receipt for house fees/any penalties (are my own logs really enough? doesn't sound it)
    * receipt confirming number of VIPs/LDs, which are recorded for each dancer

    I guess another way to minimize any issues is to *not* deduct expenses for my costumes or gas mileage (I'm thinking of other IC jobs I do)?
    Last edited by CuriousSeeker; 04-18-2008 at 02:45 PM.
    "Don't piss off a motivated stripper."


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    Default Re: How much cash can you put in the bank without tripping something?

    ^^^ doesn't help at all. Since you receive money directly from customers in the form of tips, there is no objective method of proving your actual income level. The only way that this could happen would be if every dollar of tip money and LD money was turned over to the club, and then a percentage was paid back to you via the club's payroll check system.

    You might as well claim all of the legitimate deductions you can ... they won't affect IRS 'suspicion' levels as long as they are legitimate.

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    Default Re: How much cash can you put in the bank without tripping something?

    ^Thanks, Melonie.

    Do waitresses and other workers with a tip-driven income get the same level of scrutiny as dancers? I would guess not.
    "Don't piss off a motivated stripper."


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    Default Re: How much cash can you put in the bank without tripping something?

    ^^^ I don't know ... other than to tell you that CASINO waitresses were the target of an IRS push a couple of years ago. Of course the IRS' true intention was to be able to go over casino books with a fine tooth comb. To avoid this, many casinos accepted a settlement where, as part of the settlement, they would institute tip sharing via the casino's payroll system among waitresses, and would automatically report all future tip earnings to the IRS.

    My thought here is that waitresses / dancers etc. attracting the attention of the IRS, in the absence of doing something blatantly stupid with their personal finances, would probably be linked to the IRS desire to go over the CLUB's books ... because that's where the big money might be 'hiding'.

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    Default Re: How much cash can you put in the bank without tripping something?

    How will the dancers get paid when we move to a cashless society?

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    Banned Melonie's Avatar
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    Default Re: How much cash can you put in the bank without tripping something?

    ^^^ 'on The Books' !

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