No Result
View All Result
SUBMIT YOUR ARTICLES
  • Login
Wednesday, October 29, 2025
TheAdviserMagazine.com
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal
No Result
View All Result
TheAdviserMagazine.com
No Result
View All Result
Home IRS & Taxes

Currency Transaction Reports – Help or Hindrance?

by TheAdviserMagazine
4 months ago
in IRS & Taxes
Reading Time: 2 mins read
A A
Currency Transaction Reports – Help or Hindrance?
Share on FacebookShare on TwitterShare on LInkedIn


The Cash-Paying Client: A Blessing or a Burden?

Every business has that one client who insists on paying for services with cash—maybe they had cash on hand, or maybe their accounting practices are a little less formal. Perhaps the client even thought they were helping you, since once deposited, that cash is immediately available in your account. Does it get any easier than that?

But then, you arrive at the bank to make the deposit—and if the amount is over $10,000, you’re asked for your identification, occupation, and other information, including the source of the funds. What happened to easy?

Why Banks Ask Questions Over $10,000

Under the Bank Secrecy Act (BSA), financial institutions are required to report single or aggregated cash deposits and/or withdrawals over $10,000 made by, or on behalf of, one person in a single day. When you make that deposit, your bank is obligated to request identifying information to complete a Currency Transaction Report (CTR), which is submitted to the Financial Crimes Enforcement Network (FinCEN).

The Purpose Behind Currency Transaction Reports

Sound scary?  It shouldn’t. CTRs are used solely to help FinCEN and law enforcement monitor potential money laundering, tax evasion, and terrorist financing. Your willingness to provide the requested information actually helps law enforcement efforts and ensures your bank remains compliant with federal regulations.

What Happens If You Try to Avoid a CTR?

If you’re feeling reluctant to provide the information, you might think the best way around the hassle is to split your cash into smaller amounts or put some in savings and some in checking. That way the bank won’t ask those pesky questions and FinCEN will never know, right?  Wrong.

Splitting cash deposits or withdrawals into smaller amounts or into different accounts to evade reporting requirements, also known as structuring, is illegal and may prompt the bank to file a Suspicious Activity Report (SAR) with FinCEN along with a CTR.  Suddenly that CTR doesn’t seem so bad!

Be the Help, Not the Hindrance

Although CTRs might feel like a minor hindrance, they serve a vital purpose in helping law enforcement and financial institutions combat financial crimes. Make sure you’re doing your part and be the help, not the hindrance.

For more information on FinCEN’s reporting requirements, visit: FinCEN Educational Pamphlet – Currency Transaction Reporting Requirement. If you have additional questions or concerns around CTRs or best practices for cash deposits and withdrawals, contact our Risk Management practice – we’re here to help.

 

Article Contributed by Julie Mixtacki



Source link

Tags: CurrencyHindranceReportsTransaction
ShareTweetShare
Previous Post

Nike delays launch for new brand with Kim Kardashian’s Skims

Next Post

How Much Does It Cost to Replace a Garbage Disposal in 2025?

Related Posts

edit post
Impact of tariffs on tax and trade in 2025

Impact of tariffs on tax and trade in 2025

by TheAdviserMagazine
October 29, 2025
0

Strategies for tax and global trade professionals to manage tariffs. Highlights The Trump administration's tariff strategy has created economic turbulence,...

edit post
October 7 – October 23, 2025

October 7 – October 23, 2025

by TheAdviserMagazine
October 28, 2025
0

Check out our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for October 7, 2025 –...

edit post
How to Close 32% More Sales & Build a Firm Full of Your Ideal Clients

How to Close 32% More Sales & Build a Firm Full of Your Ideal Clients

by TheAdviserMagazine
October 28, 2025
0

If you’ve ever felt overworked, underpaid, or frustrated by clients who don’t value your expertise, this presentation is for you....

edit post
Sound Tax Policy Can Withstand Creative Destruction

Sound Tax Policy Can Withstand Creative Destruction

by TheAdviserMagazine
October 27, 2025
0

This year’s Nobel Prize in Economics was awarded to economists Joel Mokyr, Philippe Aghion, and Peter Howitt for their work...

edit post
Penalty Abatement for Small Partnerships | Canopy

Penalty Abatement for Small Partnerships | Canopy

by TheAdviserMagazine
October 27, 2025
0

How Accounting Firms are Using AI to Save Time (and Sanity) If you run an accounting firm, you probably have...

edit post
How to Report Employer Stock Options on Your Taxes 

How to Report Employer Stock Options on Your Taxes 

by TheAdviserMagazine
October 27, 2025
0

Key Takeaways:   The tax treatment of stock options depends on their type. Incentive Stock Options (ISOs) may qualify for...

Next Post
edit post
How Much Does It Cost to Replace a Garbage Disposal in 2025?

How Much Does It Cost to Replace a Garbage Disposal in 2025?

edit post
Political Violence in Minnesota and Elsewhere

Political Violence in Minnesota and Elsewhere

  • Trending
  • Comments
  • Latest
edit post
77-year-old popular furniture retailer closes store locations

77-year-old popular furniture retailer closes store locations

October 18, 2025
edit post
Pennsylvania House of Representatives Rejects Update to Child Custody Laws

Pennsylvania House of Representatives Rejects Update to Child Custody Laws

October 7, 2025
edit post
What to Do When a Loved One Dies in North Carolina

What to Do When a Loved One Dies in North Carolina

October 8, 2025
edit post
Another Violent Outburst – Democrats Inciting Civil Unrest

Another Violent Outburst – Democrats Inciting Civil Unrest

October 24, 2025
edit post
Probate vs. Non-Probate Assets: What’s the Difference?

Probate vs. Non-Probate Assets: What’s the Difference?

October 17, 2025
edit post
California Attorney Pleads Guilty For Role In 2M Ponzi Scheme

California Attorney Pleads Guilty For Role In $912M Ponzi Scheme

October 15, 2025
edit post
Mastercard poised to acquire crypto startup Zerohash for nearly  billion, sources say

Mastercard poised to acquire crypto startup Zerohash for nearly $2 billion, sources say

0
edit post
Earnings Preview: What to expect when Amazon reports Q3 2025 results

Earnings Preview: What to expect when Amazon reports Q3 2025 results

0
edit post
Israeli web security co Reflectiz raises m

Israeli web security co Reflectiz raises $22m

0
edit post
2025 Dividend Discount Model | Excel Calculator & Examples

2025 Dividend Discount Model | Excel Calculator & Examples

0
edit post
Grokpedia | Armstrong Economics

Grokpedia | Armstrong Economics

0
edit post
TRON DAO Participates in Europol’s 9th Global Conference on Criminal Finances and Cryptoassets

TRON DAO Participates in Europol’s 9th Global Conference on Criminal Finances and Cryptoassets

0
edit post
Mastercard poised to acquire crypto startup Zerohash for nearly  billion, sources say

Mastercard poised to acquire crypto startup Zerohash for nearly $2 billion, sources say

October 29, 2025
edit post
Coca-Cola Stock Is Already A Great Income Stock. Here’s How To Make It Better.

Coca-Cola Stock Is Already A Great Income Stock. Here’s How To Make It Better.

October 29, 2025
edit post
Jean Chatzky Warns That Emotional Loyalty Can Derail Retirement Planning as 85% of Americans Admit They Would Risk Financial Security to Help Family

Jean Chatzky Warns That Emotional Loyalty Can Derail Retirement Planning as 85% of Americans Admit They Would Risk Financial Security to Help Family

October 29, 2025
edit post
TRON DAO Participates in Europol’s 9th Global Conference on Criminal Finances and Cryptoassets

TRON DAO Participates in Europol’s 9th Global Conference on Criminal Finances and Cryptoassets

October 29, 2025
edit post
Oasis CEO uses AI to create financial plans, stock analyses

Oasis CEO uses AI to create financial plans, stock analyses

October 29, 2025
edit post
Israeli web security co Reflectiz raises m

Israeli web security co Reflectiz raises $22m

October 29, 2025
The Adviser Magazine

The first and only national digital and print magazine that connects individuals, families, and businesses to Fee-Only financial advisers, accountants, attorneys and college guidance counselors.

CATEGORIES

  • 401k Plans
  • Business
  • College
  • Cryptocurrency
  • Economy
  • Estate Plans
  • Financial Planning
  • Investing
  • IRS & Taxes
  • Legal
  • Market Analysis
  • Markets
  • Medicare
  • Money
  • Personal Finance
  • Social Security
  • Startups
  • Stock Market
  • Trading

LATEST UPDATES

  • Mastercard poised to acquire crypto startup Zerohash for nearly $2 billion, sources say
  • Coca-Cola Stock Is Already A Great Income Stock. Here’s How To Make It Better.
  • Jean Chatzky Warns That Emotional Loyalty Can Derail Retirement Planning as 85% of Americans Admit They Would Risk Financial Security to Help Family
  • Our Great Privacy Policy
  • Terms of Use, Legal Notices & Disclosures
  • Contact us
  • About Us

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Financial Planning
    • Financial Planning
    • Personal Finance
  • Market Research
    • Business
    • Investing
    • Money
    • Economy
    • Markets
    • Stocks
    • Trading
  • 401k Plans
  • College
  • IRS & Taxes
  • Estate Plans
  • Social Security
  • Medicare
  • Legal

© Copyright 2024 All Rights Reserved
See articles for original source and related links to external sites.