Quote:
Originally Posted by SG4
I have a question since I believe you mentioned CTR's in regards to ADW transactions the other day as well - have you ever received one of these? Or is a CTR only kept in bank records & the individual doesn't receive a copy? I ask cause I have yet to see this come into play to my knowledge when using ADWs & transactions in or out of the account.
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No you aren't notified.
Quote:
Originally Posted by SG4
This is completely hypothetical, but say the leader of the syndicate put in $15,000 of pick 6 bets on their personal ADW & received a total payout of $4,000,000. If they withdrew this money directly from the ADW to their checking account & then wrote out 40 checks of 100k each to all the syndicate members who then went on & deposited this in their bank accounts, I don't see one step in this process that would alert the IRS to this income.
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leader gets = a CTR for withdrawing to his checking account from ADW.
members = get CTRs for depositing their check.
Currency Transaction Report is not limited to cash transactions. Unless your ADW is some kind of unique offshore situation, at least one (your receiving bank), and possibly both the ADW and Bank may have to write CTR
