I just finished reading through a lengthy and very
informative thread on this topic but since it went from 2013-2016, I just wanted to be sure nothing has changed since then and be sure I understand what I read:
Person brings in $11,000 total cash.
$8000 goes into Account A (law firm account)
$3000 goes into Account B (IOLTA account)
CTR would include:
Part 1 on Conductor (Person conducting transaction)
(2) Part 2's to include the law firm and the IOLTA account (as "Person" on whose behalf transactions were conducted)
And due to the fact that the IOLTA deposit was below the reporting threshold itself, I do NOT need to gather the client information from the attorney, am I understanding that correctly?
Also, in the event the law firm itself collected over $10,000 in cash on behalf of any one client in a 24 hour period it would be required to file Form 8300 as well OR if they were to receive multiple payments
relating to that same client transaction within a 12 month period.
We are not faced with this situation as the norm so my knowledge is limited - however; knowing the barrage of questions the firm may have
I just want to be armed ahead of time and to be able to train the front line staff accordingly.
Hopefully, I didn't muddy this up too much...thank you all in advance.
Hope YOUR Friday treats you kindly!