Does my foreign LLC need to worry about the $10,000 cash transaction reporting rule?
I've read that banks are required to report cash transactions over $10,000. My foreign LLC occasionally receives large client payments — sometimes $15,000-$20,000 at a time via ACH or wire transfer.
Do these trigger the reporting? What about if I make a large deposit into my LLC account from my personal savings? And what is "structuring" — I've heard that splitting transactions to stay under $10,000 is illegal. I want to make sure I'm not accidentally breaking any rules.
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