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Ever heard of FBAR? [1] The IRS already has access to all your domestic and international bank accounts opened in your name, even if not in the US, because they
by _xnmw 5y ago
Ever heard of FBAR? [1] The IRS already has access to all your domestic and international bank accounts opened in your name, even if not in the US, because they are required by law to send this info to the IRS, or risk being sanctioned by the USG.
[1] https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar https://www.irs.gov/businesses/small-businesses-self-employe...
- HideousKojima 5y agoAnd I'm sure that database is already being abused by all manner of federal agencies in ways it isn't supposed to be, so I don't see any reason to make it even easier for them.
- propogandist 5y agothe linked site clearly states this only applies to international account rather than domestic accounts. The Biden administration has, however, provided the IRS more power by requiring financial institutions to report transactions over $600 to the IRS, a significant reduction fdown from the previous $10K threshold. This new law went into effect in 2022 and shows the govt’s desire to shake down the middle class for more taxes, while eliminating privacy.