A Manassas used-car dealership has admitted that it structured nearly $2 million in cash transactions to avoid reporting the funds to the Internal Revenue Service.
The dealership, Univision Auto LLC, admited Friday in federal court in Alexandria that it made structured cash deposits that totaled $1,783,025 between August 2009 and July 2010.
When a bank receives a deposit or withdrawal of more than $10,000, it is required to report the transaction to the IRS. But Univision Auto structured its deposits to avoid triggering the reporting requirement, the company admitted.
In its plea agreement, Univision agreed to forfeit a total of $866,427 to the government, and a judge chose not to add a punitive fine.
The dealership was indicted on money-structuring charges in December 2010.
