Sending Large Wire Transfers

Question

I plan to make large amounts of wire transfers daily (which might be more than 10k) because I am a retail seller. Is there anything that I should keep in mind? For example, I heard transactions over 10k get reported to the IRS; maybe I should split my wire transfers when the total is over 10k?

My customers pay me directly through Zelle, and I wire that money to buy the goods for my customers.

Edit

I started buying stuff for a few friends, then more and more people wanted me to buy things for them. Unfortunately, I don't have a license. Do I need one?

Answer 1

First of all "payment structuring", which is intentionally trying to circumvent reporting requirements by making several smaller payments vs. the one large payment, is illegal and your bank will catch you. Don't do it!

Secondly, if you are operating a legitimate business, you have nothing to fear by your bank reporting your payments to the IRS. As long as you properly account for your payments and report things on your taxes, there will not be any issues.

As far as licenses, that depends on what you are doing and where you are doing it. Generally, however, you can operate a business as a sole proprietor using your personal bank account any time you want to.

Answer 2

What is it you're selling that requires daily wire transfers, and in such large amounts?

As for limits, just because the $10k amount triggers mandatory reporting, don't assume the bank wouldn't report smaller amounts, especially if you're doing this on a regular basis. If this were a one-time or only occasional transfer then you could reasonably assume the bank wouldn't necessarily report that, but frequent transfers might trigger a bank's internal policy to report that activity just to keep regulators from raising issues.

And as the other person said in their answer, don't try to play cutesy by transferring multiple smaller amounts, as this might raise even more flags by making it obvious you're trying to avoid reporting.