beegee
Diamond Poster
Joined: Feb 2004
Posts: 1,110
South
Is this SAR reportable and if so for what reason:
We have a customer who has withdrawn roughly $150,000 over the last 8 weeks. His reason is "he was afraid the IRS was going to put a levy on his account again."
It is up to your institution to decide whether or not to file a SAR, but I think you have a lot to review. FWIW - I would probably file, but I'm not in your shoes.
I would probably call the local IRS CID office to report verbally as well so they can expedite their decision as to whether they need to pursue. Paying my taxes while someone else avoids paying theirs is one of my hot buttons.
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Life without Jesus is like an unsharpened pencil - it has no point.
I have a similar sitution. We have a customer that has had a tax levy placed on their account so they are cashing paychecks and buying money orders rather than deposit the money into their account (they're expecting another levy). I'm planning on filing a SAR.
There isn't anything illegal about withdrawing or not depositing funds that might otherwise be subjected to levy. (If the customer sees the truck coming he's allowed to step out of the way. )
The IRS will appreciate your enthusiasm, but you should consider any related SAR filing as voluntary.
Ken - thank you so much for your response. I was hoping that one of the experts would speak up and let me know that I'm not alone in my way of thinking.