Making Large Cash Deposits and IRS Form 8300 | How To Fly Into JFK with $2 Million in Cash

The Bank Secrecy Act creating filing obligations for (1) foreign bank accounts over $10,000 on an FBAR form or face absolutely insane penalties and perhaps criminal exposure (2) when you come into the US with $10,000 or more in cash you must declare it or face absolutely insane penalties or perhaps criminal exposure and lastly what we are discussing in this video (3) created the requirement that when you deposit $10,000 or more in cash, a bank has to file a Form 8300 with the IRS. Or, if someone suspects you are trying to get around Form 8300, they can file one on you any way.

Do you see how this could be a little insane? Form 8300 is required to be filed any time there is a cash deposit over $10,000. But also could potentially be filed when the deposit is under $10,000 when someone’s feelings tell them to do so.

This means a Form 8300 could be imposed on ANY cash deposit depending on the subjective determination of a bank employee.

Do you see how these wildly expansive reporting requirements aside from being mind-blowingly unconstitutional completely undermine any claims that Form 8300 is a legitimate crime fighting tool? Oh yeah, and Form 8300 is required to be filed by many other business besides banks who deal in cash. That’s a lot of forms.

Let me explain the ridiculousness this way. When you dump useless data into useful data, you just made your useful data - that you worked so hard to get - useless. And it will stay useless until there is a way to segregate the useful from the useless.

Which brings us back for Form 8300. Form 8300 is required to be filed so often it doesn’t mean anything. Even the US treasury admits to such. The best they can claim is that Form 8300 is used to discover patterns. But this has always seemed to be more a theoretical justification rather than something that has actually been used to find actual criminal conduct.

And even think of this $10,000 threshold. It hasn’t change since 1970. Yet we know that $10,000 in 1970 is equivalent to around $65,000 today. But Treasury still refuses to admit that inflation exists - and are still fixated on that $10,000 number. So this about it this way. $10,000 today is would be about $1500 in 1970. Do you think congress intended the Bank Secrecy Act to apply to transactions of $1500 in 1970? Now I wasn’t alive yet - so I have to rely on the archived Congressional record. And you know — I don’t see it there.

So here’s the bottom line. You are much better off making one huge deposit where you know a Form 8300 will be filed - because Form 8300 will likely never see human eyes, as opposed to trying to avoid the Form 8300 filing requirement by structuring cash deposits in smaller increments, which could trigger a Form 8300 being filed anyway.

[humanbeing]

I would like to see the federal government and banks to finally mind their business in 2021 and in the future.

[deuce]

Glad I watched this. I’ve had 2-3 million sitting around in the closet trying to figure this out.

[charlesyoung]

$10, 000 in 1970 is equivalent to $67, 132.47 in 2021.

[drvinson]

Make you not want to deposit money in the bank. 🧐

[JustADudeDoingSomething]

Honestly, its really stupid. We get why they would suspect people who deposit large amounts of money that they might've stole, but can't you fill in something like a proof of business form or something like that beforehand? It's like they're doing this on purpose to take money from you. I wanna create a bank where you literally can deposit any amount of money with no fees, but all you need to do is show your proof of business to show how you got that money and thats all we need.

[poochie]

If you’ve been saving cash on hand for years to purchase a home… then decided to put into the bank as a requirement for purchasing your home and it’s over 10k ; a CRT or 8300 is filed… will you be taxed on that money?

[Jonathan_]

Does Form 8300 only apply to businesses or does the individual need to do anything in regards to reporting? The IRS states "Generally, any person in a trade or business who receives more than $10, 000 in cash in a single transaction or in related transactions must file a Form 8300." I wasn't sure if by virtue of depositing the cash you are considered as one of the persons in a trade.

Also, is there a difference between Form 8300 and a Currency Transaction Report?

[Moohanjagoodaroos]

Nothing happens even if you deposit $1M cash in your account, as long as you don't want to open a new account and you've been working with that bank for a while.

[sandis]

Maybe you have all ready talked about this but how about a video on how long a FFI would be subject to the 30% withholding tax if IRS so decided that they were liable for the withholding

[billrundell]

Will my bank tell me a form 8300 has been filed, even if I ask?
Will a form 8300 filed for a $30, 000 deposit keep
my funds from being taken and me tossed "behind the Bars".

[austinb]

Idk why I’m watching this I’m broke but thx

[alexperdigon]

What happens if you do deposit 25k for your business account when you open it

[elmerkilred]

What prevents law enforcement from absconding with undetermined amounts of cash from anyone regardless of the amount? (You're pulled over with $6K and you have a receipt, but the officer destroys the receipt and pockets the cash, or reports half the cash and keeps the other half)?

[md]

Why do we have an IRS? The government can just print whatever money it wants. No need for income tax laws

[classiccinemamc]

What if I make just a one time cash deposit of say $4000 or $5000?

[hmp]

What about if you deposit $1 million in a cashier's check? Does the bank report it to IRS anyway?

[joe-mama]

8300 is only for “trade or business”. Not “trade” or “business”.

[DroogOz]

Thanks for the great content Anthony. Can you make a video about how the tax situation works for people who renounce? I understand you need to file a partial year return but I don't quite understand it.

[ceeceewhite]

Trivia question me : An African walks into the bank with millions and a bank slip oppose to u walking in the bank with millions and a bank slip they won’t file an 8300 form on there calling the cops instantly

[Jackson]

I rather just keep my money rather than go through the pain in the ass. What the hell are we to do