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IRS would track all bank transactions over $600 in Biden plan; Businesses revolt
- slater 5y ago> Casey Harper, The Center Square The Center Square [...] is an American news website that features reporting on state and local government from a conservative perspective.
- SQL2219 5y agoThis proposal would create a comprehensive financial account information reporting regime. Financial institutions would report data on financial accounts in an information return. The annual return will report gross inflows and outflows with a breakdown for physical cash, transactions with a foreign account, and transfers to and from another account with the same owner. This requirement would apply to all business and personal accounts from financial institutions, including bank, loan, and investment accounts,2 with the exception of accounts below a low de minimis gross flow threshold of $600 or fair market value of $600. pg 94 https://home.treasury.gov/system/files/131/General-Explanations-FY2022.pdf https://home.treasury.gov/system/files/131/General-Explanati...
- chovybizzass 5y agoits like they want us to use crypto
- orionblastar 5y agoIs that personal accounts as well? We are in process of selling our house and moving and buying a new one. That is going to be a lot of money moving from our accounts to other accounts.
- mikewarot 5y agoTransactions over USD $10,000 are reported to the IRS, I suspect the actual threshold is much lower... asking about the threshold also is rumored to trigger a report, of course.