Posted by Marksman: Very Important - WORD OF CAUTION
Comment on Tony's Call 8-20-2012 regarding withdrawing large sums
Tony made a comment on the call that it is okay to withdraw 9000 dollars per week to "stuff your mattress" or whatever you want.
This might have been okay a few years ago, but today you can be prosecuted for "structuring". This is a crime where you arrange your deposits or withdrawals to avoid federal reporting requirements. It is very dangerous to flirt with "structuring".
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It is very dangerous to flirt with "structuring". If the IRS looks at your account and sees a number of deposits or cash withdrawals just below the reporting limit of 10,000 dollars, they can seize all the funds in your accounts and prosecute you for "structuring".
The burden of proof is on you to show that those amounts were not intentionally below the reporting limits.
The worst part of this is that the seizure is a civil forfeiture. This means that they keep the money and you have to go to court to try to get it back at your expense. The burden of proof is on you to show you have done nothing wrong.
Under these laws it is possible for the prosecution to declare money that was used to pay your lawyer as part of the illegal funds and seize them also.
This makes it very hard to find a lawyer that wants to take your case.
I am not a lawyer, but my research has led me to believe that it is not in your best interest at all to try to keep the government ignorant of your financial dealings.
They will assume you are doing something illegal and act with that assumption. I am sure I have butchered many of the subtleties of these laws, but my point stands.
If you are planning to move or keep large sums of cash, always consult a qualified lawyer to find out what trouble you can get into and how to avoid it.