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Old 06-27-2013, 06:19 PM
 
Location: Hawaii
1,689 posts, read 4,290,289 times
Reputation: 3108

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Can the government look into your bank accounts without your permission?

How do they know how many accounts you have?
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Old 06-27-2013, 07:00 PM
 
Location: North Idaho
32,539 posts, read 47,631,897 times
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The banks sends income tax forms every year to the IRS. That's how the government knows how many accounts you have. You owe income taxes on all the interest you earn.

You get a copy of it, so of course, you already knew that.
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Old 06-28-2013, 02:47 PM
 
28,896 posts, read 54,011,888 times
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...And any law enforcement officer can look at your bank account with a warrant.

The upshot? If you don't want the government to know about some hidden stash of cash, then you better put it in a coffee can and bury it in a backyard. Either that or get a safe deposit box and stick it in there. Even then I don't recommend it.

In the 1980s, my neighbor in the apartment building was a finance major by day and an exotic dancer by night, a girl who had the sweet and innocent look about her that likely fetched top dollar. Because I worked out of my apartment, she would stroll over about once a week and ask me to walk her down to one bank where she would get those ones and fives changed into twenties and hundreds, and then walk to a different bank where she put it in a safe deposit box. I would simply wait outside the bank for her on her errands (My choice. I wanted plausible deniability). I never asked how much she accumulated, but it was evidently a lot. She did especially well when she flew off to Texas or Florida for special gigs.

When she graduated, she packed up her apartment and moved to South Florida. From there, she mentioned heading to the islands. I didn't witness her empty her safe deposit box, but I'm sure it was a lot. From time to time, I wonder what happened to her. She was sharp as a tack.
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