Can the IRS find out about extra income if you put it in the bank?
January 27, 2009 by Tax Blog
Filed under Questions & Answers
PrettyWifey asked:
A person I know does side work and earns about $15,000 a year in extra income. He refuses to put it in the bank because he is worried somehow the IRS will find out about it and he will be in trouble.
A person I know does side work and earns about $15,000 a year in extra income. He refuses to put it in the bank because he is worried somehow the IRS will find out about it and he will be in trouble.
He keeps the money in a safe in his house.
Can’t he just put it in the bank? Will the IRS really go after him for an extra $1000 deposit every month?