Can I split a $20,000 deposit into two $10,000 deposits to avoid the CTR paperwork?
I heard that banks file a report if you deposit more than $10,000 in cash. My foreign-owned LLC just received a $20,000 cash payment from a client. I was thinking of depositing $10,000 today and $10,000 tomorrow to avoid the hassle of the extra paperwork. A friend told me this might be illegal but that sounds ridiculous. It is my money from a legitimate sale. Can the government really tell me how to deposit my own money? What is the worst that could happen?
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