Are international wire transfers over $3,000 reported to the government automatically?
I send and receive international wire transfers regularly through my foreign-owned LLC. Someone told me that any international wire over $3,000 is automatically reported to FinCEN. Is this true? I thought the reporting threshold was $10,000 for cash transactions. My LLC typically receives wire transfers of $5,000 to $15,000 from European clients. Are all of these being reported? Should I be concerned? I have been reporting all income on my taxes so everything is legitimate.
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