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Structuring, also known as smurfing in banking jargon, is the practice of executing financial transactions such as making bank deposits in a specific pattern, calculated to avoid triggering financial institutions to file reports required by law, such as the United States' Bank Secrecy Act (BSA) and Internal Revenue Code section 6050I (relating to the requirement to file Form 8300).
E-filing originally used the processing system developed in 1969 by the IRS but, since 2003, the IRS has been developing a new enhanced processing system called CADE. [ 7 ] For tax-filing season 2024, the IRS announced a pilot of Direct File , where people can calculate and submit their federal taxes and some state taxes in partnership with ...
It was the first time the Supreme Court struck down the federal government's "aggressive use of forfeiture". [21] In March 2010, Wachovia admitted to "serious and systemic" violations of the Bank Secrecy Act for laundering $378 billion between 2004 and 2007, the largest violation in terms of a dollar amount. [22]
IRS Form SS-8 can be filed with the IRS to request that the agency determine the classification of a worker. [ 9 ] In Australia in the 1950s, certain coal mining operations attempted to dodge mandatory pension payments for mineworkers, through contracting and sub-contracting which "made it difficult to classify the employees of contractors and ...
The distinction between independent contractor and employee is an important one in the United States, as the costs for business owners to maintain employees are significantly higher than the costs associated with hiring independent contractors, due to federal and state requirements for employers to pay FICA (Social Security and Medicare taxes) and unemployment taxes on received income for ...
EFTPS allows individuals and businesses to make their tax and estimated tax payments securely online using their bank accounts. Payments can be made only after enrolling in the system, and the enrollment process can take about a week (initial online enrollment is followed by relevant information being sent by physical mail, after which the online enrollment process may be completed).
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