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RE: What happens if you withdraw $1 million dollars from Coinbase into your bank?
If someone deposits that much into their bank account without first talking to an accountant and lawyer, then they better be ready for a world of pain. It's worth the $1,000 in professional fees to save the headaches and money from dealing with the banks/government afterwards.
I shared this on another post and found it very appropriate to share here as well.
My friend and accountant (and lawyer) is one of the best in the country when it comes to company formation and tax issues. He's the guy I go to any time I know my company is about to have a windfall of cash or sales to find out what I should do to protect as much as possible from that tax man. Here's his website: http://markjkohler.com/
He's super legit and knows his shit! If you are making money and not setup as a business correctly, then you are throwing cash out the window!!
If you're dealing with non standard six figure profits always talk to an accountant. Maybe you could live overseas for a year to cut taxes or deposit over years, who knows? An accountant that's who knows!
Also if you're investigated it'll likely be closed if you explain you got into Bitcoin early and got lucky. The government will tax the cash and be happy.
Good advice.