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Definition of a Home Warranty
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How to Make Money Off of a Timeshare
How to Become a Stockbroker
What Does It Take to Become a Stockbroker?
What Transactions Do Banks Report to IRS?
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An Introduction to Online Trading
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Understanding Profit & Loss Statements
About Financial Planning Jobs
Preparing a Cash Flow Statement
Selling Scrap Gold
Banks are federally charted, and their accounts serve as profiles for the cash flow coming in and out of a… More
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Summary: Banks are federally charted, and their accounts serve as profiles for the cash flow coming in and out of a bank. Find out why banks are now reporting Homeland Security through the IRS with help from a registered financial consultant in this free video on banks and the IRS.
Patrick Munro's affinity for investing and financial matters began more than 20 years ago with business education and service throughout the ranks of the banking, insurance and...read more
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"This is Financial Advisor Patrick Munro talking about which transactions do banks report to the IRS. The IRS is a reporting agency on a federal level and banks of course are federally charted as well; so they operate as reporting agencies for banks. Generally speaking a, an account is a profile for its amount of cash flow of coming in and out of the account and what will give a red flag is, if a continuous large supply of dollars, over the amount of ten thousand dollars start flying into a bank account and as well leaving that bank account. But that's known as money laundering and it's a federal offense and banks are always on the watch of, for transactions such as this. The IRS is looking for tax revenue and they want also look for suspicious behavior and banks are on the front line of the flow of money. Additionally, banks are now reporting Homeland Security via the IRS to make sure there's no terrorist implications about some of the money flowing in and out of banks. This is Financial Advisor Patrick Munro talking about what type of transactions do banks report to the IRS."
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