| reoptring paypal payements |
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dssguy99
First Time Poster
Cash: $ 0.25
Posts: 1
Joined: 18 Dec 2007
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| reoptring paypal payements |
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I have a small business (corporation). Recently some clients want to pay by paypal. I realize that if they pay me this way, I can easily transfer the money to my personal account and not pay taxes on it. My question is, how much can I transfer into my personal account without worrying that the IRS will find out?
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Tue Dec 18, 2007 5:12 pm |
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Apollo
Senior Member
Cash: $ 73.85
Posts: 360
Joined: 10 Sep 2007
Location: New York
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I would not recommend that you attempt to cheat the IRS.
Play by the rules, report what you have report. There are legal ways to minimze your taxable income. Talk to your accountant about that.
It is not smart to play it safe but it is safe to play it smart.
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Tue Dec 18, 2007 10:06 pm |
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efflandt
Senior Member
Cash: $ 80.45
Posts: 401
Joined: 25 Apr 2005
Location: Elgin, IL USA
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Do a web search for "suspicious activity report" (SAR). Financial institutions may report transactions smaller than $10,000 (especially if frequent) if they suspect anything illegal, money laundering, etc.
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Wed Dec 19, 2007 12:35 am |
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