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<p>[QUOTE="Dougmeister, post: 1996367, member: 56842"]First off, please realize that I know almost <b>nothing </b>about accounting. Or taxes.</p><p><br /></p><p>I get boxes of coins from one bank and use the automatic coin counters at another bank to convert them back into paper money. The funds never really stay in my account.</p><p><br /></p><p>An accountant friend of mine warned me that, somehow unbeknownst to me, this could set off some sort of "flag" to the powers-that-be (gov't, IRS, etc.). Something about calling it "income" if I can't prove where I got it (?).</p><p><br /></p><p>Now, I can't see it, but as I said, I know about other things, but taxes is definitely not one of them.</p><p><br /></p><p>Can anyone shed any light on this one way or the other? Preferably someone with a financial/accounting background?</p><p><br /></p><p>If it is sheer *volume* that can trigger a red flag, then say that as well.</p><p><br /></p><p>Thanks.[/QUOTE]</p><p><br /></p>
[QUOTE="Dougmeister, post: 1996367, member: 56842"]First off, please realize that I know almost [B]nothing [/B]about accounting. Or taxes. I get boxes of coins from one bank and use the automatic coin counters at another bank to convert them back into paper money. The funds never really stay in my account. An accountant friend of mine warned me that, somehow unbeknownst to me, this could set off some sort of "flag" to the powers-that-be (gov't, IRS, etc.). Something about calling it "income" if I can't prove where I got it (?). Now, I can't see it, but as I said, I know about other things, but taxes is definitely not one of them. Can anyone shed any light on this one way or the other? Preferably someone with a financial/accounting background? If it is sheer *volume* that can trigger a red flag, then say that as well. Thanks.[/QUOTE]
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