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Will depositing a large sum of cash($100k+) trigger an IRS audit?

Seattle, WA |

If a person who is a business owner has slowly accumulated cash over 20-30 years in a safe and deposits it at a bank, would that person be vulnerable to an IRS audit?

Attorney Answers 1

  1. If the person has paid all the required taxes on the cash and the cash was earned through lawful means, the person does not need to worry about any governmental audit. Even if there is an audit, the conclusion of the government should be to leave the person alone.

    The banks are required by the government to notify the government when a customer deposits any fund in specified ways (such as a one-time deposit of $10000 or more or multiple deposits of lesser amounts).