I just checked out WCG's webiste, and it appears that they have at least two locations with the one in Grass Valley being their main shop. The one that I was referring (in San Francisco) to appears to be their "satellite" location, which explains why it's so small and whatnot.
It'd be easy for me to say "yeah, why not, go for it!" but considering it's not my money I'm risking, I don't think it should weigh much and ultimately it's you that has to be comfortable. Or just take a big gulp, cross your fingers, and hope for the best.
You should do your homework and look into it. Deals with any cash transaction over $10k, not just bank deposits. This is primarily to deter money laundering & tax evasion. This is also why it's so difficult to buy big toys with cash: cars, homes, etc. If it's cash, and it's $10k or more, it's gotta be reported under federal law. Not doing so is a big no-no . Similarly / consequently, structuring is also a big no-no and unless you know a bit about how it works and how to plan ahead, you will get caught eventually even if you think you're being careful if you do this on a long-term / regular basis.
Although I'm not certain, I'm pretty sure that even payments from businesses (perhaps not B2B) over a certain amount (even less than $10k) must be reported via a 1099. At least, that's been my experience.
You're definitely on the right track, looking into this business. For the most part I'm with Y1F here:Fast_Pine said:wadda ya think I should do.....What would you do?...Seeing as I havteto walk away from my cash, you think im safe?
But of course that leads us right back to square one: are they reputable? So far it looks like they are, especially as they're listed as an official / authorized reseller of TumbleWeed. Not that it means all that much, but...yamaha_1fan said:If the shop has a decent reputaion, they arent going to rip you off. They are in the business to sell merchandise, not steal deposits.
It'd be easy for me to say "yeah, why not, go for it!" but considering it's not my money I'm risking, I don't think it should weigh much and ultimately it's you that has to be comfortable. Or just take a big gulp, cross your fingers, and hope for the best.
Somewhere in the IRS publications, I'm sure.yamaha_1fan said:Where is it stated that any purchase over 10k has to be reported?
You're right, it's not limited to a minimum of $10k, but at $10k it is absolutely required. In casinos, they will start tracking and keeping tabs on you at something like $4k. Of course there are plenty of ways around this in casinos by knowing (and juicing) the right people and whatnot, but that's another story for another time...yamaha_1fan said:In my line of business, equipment is sold every day over 10K and nobody reports anything to the IRS. These are B2B transactions but I dont think that matters.
I think your 10K rule deals with bank deposits in cash and is not limited to 10K. My understanding is a teller can flag any cash deposit they want if they think its something the IRS should know about.
You should do your homework and look into it. Deals with any cash transaction over $10k, not just bank deposits. This is primarily to deter money laundering & tax evasion. This is also why it's so difficult to buy big toys with cash: cars, homes, etc. If it's cash, and it's $10k or more, it's gotta be reported under federal law. Not doing so is a big no-no . Similarly / consequently, structuring is also a big no-no and unless you know a bit about how it works and how to plan ahead, you will get caught eventually even if you think you're being careful if you do this on a long-term / regular basis.
Although I'm not certain, I'm pretty sure that even payments from businesses (perhaps not B2B) over a certain amount (even less than $10k) must be reported via a 1099. At least, that's been my experience.