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What do banks report to irs?
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27th Feb 2011 by admint
There are 2 type of reports being given to IRS by banks. These are the Currency transaction report (CTR) and the Suspicious activity report (SAR). The currency transaction report is triggered because of the size of the transaction. These are transactions over $10,000. SAR or suspicious activity report are triggered when the bank has reason to doubt or suspect the transaction of at least $5,000. That the transaction involves or is derived from illegal activities.
There are 2 type of reports being given to IRS by banks. These are the Currency transaction report (CTR) and the Suspicious activity report (SAR). The currency transaction report is triggered because of the size of the transaction. These are transactions over $10,000. SAR or suspicious activity report are triggered when the bank has reason to doubt or suspect the transaction of at least $5,000. That the transaction involves or is derived from illegal activities.
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27th Oct 2009 In Tax
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