It is not easy even for the smartest taxpayers to escape the tax assessments and it is even less easy to hide cash. And this is especially true for those who receive sums of money from sources other than those coming from income from work. Our consultants have advised that they are “Fines of over 2,000 euros are arriving from the Revenue Agency, not only for those who receive but also for those who make these payments“. Because in fact the use of hard cash hides pitfalls and dangers even for the most honest taxpayers. And the 3 checks with which the Revenue Agency discovers who makes cash payments over the limits often take even the most prudent saver by surprise.
Even the simple transfer of cash between relatives or between parents and children exposes to the possibility of tax audits. And the first of the 3 checks with which the Revenue Agency discovers who makes cash payments over the limits concerns bank movements. The account holder or postal book holder who pays large sums of money risks alerting the attention of the tax authorities. This is especially the case when the total amount of payments far exceeds the average balance of the bank or postal account owner. In this regard it would be useful to accept the suggestions of our Experts on “How to deposit cash into the bank without reporting risk”. “How much money can be paid into the current account of children and relatives without alerting the Revenue Agency?”
The 3 checks with which the Inland Revenue finds out who makes cash payments over the limits
It could also happen that in the presence of some particular circumstances the Tax Authority triggers documentary checks that are used for more detailed checks. With respect to the formal control that concerns all tax returns, the documentary control is provided for by the Legislative decree no. 600/73. And usually they interest those taxpayers who according to the Tax Authority more easily than others could succumb to the temptation to evade taxes. It may happen that it is even the taxpayers themselves who keep notes in the accounting documents certifying payment in cash over the limits. In other cases, the ongoing investigations against some citizens have led to the emergence of payment receipts that testified to the transfer of cash.
The third fiscal control
The third tax check could instead be triggered in the presence of an evident discrepancy between the sums of money present in the income tax return and the standard of living. Doesn’t the taxpayer who belongs to a modest income bracket but spends like a lord have excess cash? And from what source does this additional income come and why is it not included in the income tax return? If the 730 model shows a low income, it is certainly not possible to hide in some way the purchase of luxury items. And this is because the purchase of a car that immediately appears in the PRA certainly does not escape the tax audits.
In the same way it is evident from the real estate registers any deed of purchase of an apartment, cottage or villa by the sea. Even from the register of lease agreements or mortgage payments that are too high, it is possible to trace a series of information for which the taxpayer must provide justification. Here, therefore, are mainly the 3 checks with which the Revenue Agency finds out who makes cash payments over the limits.
Deepening
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