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Old 10-30-2009
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Question CCNOW, IRS, and cashing their check

CCNOW says they don't report my info to any outside agency including the IRS. They also send checks. Anyone have experience with that, like just going to whatever bank they're drawn on and cashing them? Does it work well or is their check's bank give trouble on this or is some little bank that's remote?
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Old 10-30-2009
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CCNow May not do it yet, but for sure your bank does after stacks of thousands rolls in the account after a few months.
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Old 02-27-2010
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are you sure about this? pardon me for sounding super inexperienced here...but I didn't know that a BANK could report you? that TOTALLY blows!
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Old 02-27-2010
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Originally Posted by luvmyyorkie View Post
are you sure about this? pardon me for sounding super inexperienced here...but I didn't know that a BANK could report you? that TOTALLY blows!
Of course. I knew a guy who owned rental properties. He had a business but made the tenants make the checks out to him. He would then go to the bank that the check was drawn on and cash like $9k worth. Not once but serverals time at serveral different banks. Needless to say a teller tipped him off to the IRS. He had to do a few years in federal jail.



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Old 02-27-2010
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Cashing checks is not illegal. Failing to report your income is illegal. Although, they have to be able to prove you evaded the tax.

All banks are required to report to the FBI if they feel you are doing anything suspicious. They are also required to report if you hold more than 10000 in an account at any one time. There are many things that banks are required to report, the bottom line is, you need to pay taxes on income, and keep detailed records of income and expenses.

If you try to go under the radar, you'll be sleeping under a guy nicknamed radar in prison.
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