IRS Currency Transaction Report

An IRS Currency Transaction Report is a form filed by U.S. banks and casinos each time you make a deposit or withdrawal of $10,000 or more.  It is filed in secret, without your knowledge, you don’t receive a copy, and it becomes part of your permanent IRS file.  An IRS Currency Transaction Report greatly increases your chances of an audit.
These rules do not apply to offshore casinos.  Also, offshore banks do not file CTRs … for now.  I expect that will change soon enough.
Planning to avoid an IRS Currency Transaction Report is the crime of “structuring,” and it is punishable by up to 5 years in prison. Never heard of structuring?  Very few have, but ignorance of the law is not a defense to a criminal charge.
As the United States works even harder to control its citizenry, and ensure only “approved or compliant” transactions get through, you can be assured that laws like the IRS Currency Transaction Report will continue.