Certain movements in the current account can alert the revenue agency. Here are the things that are best avoided so as not to end up in the crosshairs of the tax authorities.
It is not only transactions involving large sums that alert the tax authorities, even small movements can be subject to checks by the revenue agency. Those who, for example, have received heavy fines after an unjustified bank deposit, know this well.
Without prejudice to the fact that the Revenue Agency has the possibility of knowing every activity carried out on current accounts, thanks to the register of tax relations, there are some measures that can be useful to everyone.
In fact, there are some moves you should avoid so you don’t end up in the IRS’ crosshairs. Below we will see what they are.
Current accounts: movements to avoid
As many know, every bank deposit can be audited by the tax office. Our current account can be likened to a transparent box through which everything can be seen. Likewise, all activities on the current account are traceable and visible to the tax authorities. However, some movements more than others can trigger investigations. In fact, while some activities are considered “free,” others may trigger checks by authorities. So what movements are best avoided?
The financial department may become suspicious and conduct checks if several thousand euros are deposited by an acquaintance without any specific reason. In these cases, the donation of a notarized instrument should be used as justification, otherwise the risk paves the way for a bank assessment by the tax authorities. The second activity that it is better to pay attention to is making periodic bank transfers to the same person. In this case, in fact, the Revenue Agency may suspect the existence of a “black” employment relationship or, for example, payment of rent without a regular contract.
Another situation for which a tax assessment may be sent is depositing cash into the account. Suppose an unemployed person, having set aside some of his savings at home, drawn from Christmas gifts or donations from relatives, goes to a bank branch to pay an amount exceeding 5 thousand euros. The banking institution, in the face of this amount paid by an unemployed person who does not receive any income, can submit a report to the financial department, which in turn will directly notify the tax instrument.
“Internet trailblazer. Travelaholic. Passionate social media evangelist. Tv advocate.”