Feed: What Triggers A Federal Investigation On Illegal Cash Structure Transactions? - AggScore: 14.0

What Triggers A Federal Investigation On Illegal Cash Structure Transactions?

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As we all know, there are people who do not want the Internal Revenue Service (IRS) to know about their cash transactions and therefore form various methods to evade them. One of these methods is structuring cash transactions, which individuals break up their transactions into smaller transactions of less than dollarsignr10,000 to prevent their bank from a Currency Transaction Report (CTR) with the IRS. Before 1986, cash structure transactions were widely done and legal but after the passing of 31 U.S.C. § 5324 in 1986, it became illegal to structure a transaction to avoid triggering an otherwise applicable reporting requirement. According to 31 U.S.C. § 5313, a financial institution is required to file a CTR with the IRS whenever it engages in a transaction of dollarsignr10,000 or more in cash. So, if a person makes two or more deposits, each less than dollarsignr10,000 but together more than dollarsignr10,000, that person may be investigated on allegations of structuring his or her transactions to prevent the bank from filing a CTR with the IRS. While the cash within this situation may be made through perfectly legal activities, the fact that the person is intentionally breaking the amount up to avoid reporting to the IRS is a considered a crime. What should I do when the IRS comes knocking on my door? Prevention is usually the best way to go. At the beginning of a fraud investigation, it is best to seek an experienced federal criminal defense counsel for a consultation on what to do next before speaking with the IRS. If you are being investigated or arrested for illegal cash structure transactions, then call our office at (212) 577- 6677 to get professional legal advice.