excessive account transfer

#3 08-05-2004, 07:31 PM

jacksonbb[at]fusemail.com says...

- quote -

> For a business, I tend to write a lot of checks out as soon
> as I get money in my citibank account to my money market
> account at washington mutual since it pays a yield whereas
> bankamerica does not. Would this trigger anything or is
> there anything wrong with this? I was told by a accountant
> that it isn't good if you keep transferring money in huge
> amounts from one account to another account for the same
> company especially for the reason of just obtaining interest
> money because it might not good because of Patriot Act and
> other similar Acts.
> what do you guys think?

Not really a tax question, but I'll throw in my two-cents
worth. Keep all records and write on the checks "transfer"
or something similar.

I also have a slightly simpler solution. INGdirect has a
savings account that you link your checking account to it.
It takes about a day for transfers to go through. Right now,
INGdirect is paying 2.1%, which isn't much but better than
nothing.

Gary

--
You can probably X figure out X which letters to X delete to
derive my email address X.

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#2 08-04-2004, 05:35 AM

Harlan Lunsford wrote:

- quote -

> Best principal to follow is the KISS principal.

I must need new glasses. I first read that
as "Best principle to follow is to KISS principal."

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#1 07-31-2004, 06:49 AM

Sandy Wing wrote:

- quote -

> For a business, I tend to write a lot of checks out as soon
> as I get money in my citibank account to my money market
> account at washington mutual since it pays a yield whereas
> bankamerica does not. Would this trigger anything or is
> there anything wrong with this? I was told by a accountant
> that it isn't good if you keep transferring money in huge
> amounts from one account to another account for the same
> company especially for the reason of just obtaining interest
> money because it might not good because of Patriot Act and
> other similar Acts.
> what do you guys think?

The answer depends on how much money you're' really making
doing all these shenanigans.

Best principal to follow is the KISS principal.

ChEAr$,
Harlan Lunsford, EA n LA

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07-31-2004, 05:13 AM

Sandy Wing wrote:

- quote -

> For a business, I tend to write a lot of checks out as soon
> as I get money in my citibank account to my money market
> account at washington mutual since it pays a yield whereas
> bankamerica does not. Would this trigger anything or is
> there anything wrong with this? I was told by a accountant
> that it isn't good if you keep transferring money in huge
> amounts from one account to another account for the same
> company especially for the reason of just obtaining interest
> money because it might not good because of Patriot Act and
> other similar Acts.
> what do you guys think?

I don't see a tax question. Perhaps I'm mistaken.

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#-1 07-29-2004, 10:04 AM

For a business, I tend to write a lot of checks out as soon
as I get money in my citibank account to my money market
account at washington mutual since it pays a yield whereas
bankamerica does not. Would this trigger anything or is
there anything wrong with this? I was told by a accountant
that it isn't good if you keep transferring money in huge
amounts from one account to another account for the same
company especially for the reason of just obtaining interest
money because it might not good because of Patriot Act and
other similar Acts.

what do you guys think?

<< -------------------------------------------------> << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org > << ------------------------------------------------->

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