If you deposit more than $10,000 in cash, your bank is required to file a form with the authorities reporting the transaction. But federal law makes it illegal to “structure” deposits — depositing cash in amounts under $10,000 to avoid triggering the reporting requirement.
Although individuals may have legitimate reasons for depositing less than $10,000 in bank accounts, a catfish-sandwich restaurant in North Carolina recently drew the IRS’s attention by making small cash deposits on a regular basis. Now, the store has been accused of being involved in a criminal and terrorist organizations and subject to forfeiture of over $100,000 of its deposits for violating “anti-structured deposits” laws.
Structuring deposits is the term given to the depositing of less than $10,000 in order to avoid the reporting of cash deposits to the IRS. Small business owners have been caught doing this in the past, but concerns over terrorism and money laundering has created a boom in the civil forfeiture action in recent years.
This process has snared Mr. McClellan, the owner of the North Carolina shop, and other innocent people and the getting the assets back may sometimes cost more than what was seized. In these cases, a California a small business lawyer is a valuable ally to keep your business safe.
AXIS Legal Counsel’s Business and Corporations Practice provides legal advice to numerous businesses with a variety of legal matters, including business formations, contracts, deals, and transactions, business administration, corporate governance, operations, risk management / insurance, labor/employment matters, intellectual property, healthcare, crisis management, directors/officers, private/data security, technology, statutory/legal compliance, and business litigation. AXIS represents businesses, corporations, LLCs, LLPS, partnerships, and startups in need of a corporate lawyer, for business legal matters as well as business litigation, such as disagreements, non-solicit agreements, non-competes, trade secrets, and others. We are also experienced in providing assistance to business clients concerning business contracts, corporate formation matters, contracts and transactions, business litigation, business legal advice for Corporations, LLPs, LLCs, Partnerships, Small Business, Startups, and others involving corporate law.
If you are seeking a business lawyer, or for information on retaining AXIS Legal Counsel to represent your business in connection with any legal matter, contact firstname.lastname@example.org or call (213) 403-0130 for a confidential consultation. Axis’ managing attorney Rabeh M. A. Soofi is ranked as one of the “Top Women Lawyers of Southern California” by SuperLawyers Rising Stars, and is a Los Angeles Business Lawyer representing businesses and start-ups throughout Los Angeles and California.
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