A few weeks ago I wanted to move some money from one bank at which I have an account to another. For reasons I won't bore you with, I was not able to make an electronic transfer. The two banks have branches 2 miles down the road from one another. So I went to the first bank, withdrew $20,000 in cash, the went to the second bank, and deposited the $20,000.
I know this will generate some sort of "report" by the banks. But is there any reason I should care? Does the report tend to increase IRS audit risk? (I am scrupulously honest on my tax returns, but still audit would be an annoyance).
I know this will generate some sort of "report" by the banks. But is there any reason I should care? Does the report tend to increase IRS audit risk? (I am scrupulously honest on my tax returns, but still audit would be an annoyance).