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They’ll know because in the US and abroad the banks send the balances and transactions to the IRS. I get letters every year/6 months that I’m subject to additio
by digi59404 10mo ago
They’ll know because in the US and abroad the banks send the balances and transactions to the IRS. I get letters every year/6 months that I’m subject to additional withholding because they haven’t gotten any $$ but they show I have.
- SoftTalker 10mo agoAFAIK only transactions over $10k are reported, maybe different between personal and business accounts?
- salawat 10mo agoReporting to tax authorities by banks/financial institutions was bumped down to any receiving of an amount in excess of $600 during the Biden admin.
- SoftTalker 10mo agoAh yes, I had forgotten about that. That's for "business" transactions, IIRC. I wonder how they distinguish....
- salawat 10mo agoThey don't. It was targeted at screwing the poor rather than the rich.