They put those new reporting requirements in this year. Anything over $10k out of a bank account per year, and over $10k in per year (excluding W-2 income) generates a report. Same for cash in and out.
After initially proposing to track bank accounts with more than $600 of inflows or outflows, on the Treasury on Tuesday offered a new threshold. More than $10,000 in transfers in a given year would flag an account for reporting to the IRS, the agency said in a press release. Wage and salary deposits won't count toward that threshold, the Treasury said.
The Treasury proposal would have banks 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."
The proposal is part of a suite of laws that would close the so-called information gap — taxes that the government doesn't know to collect because of income that goes unreported. A vast amount of those unpaid taxes belongs to the wealthiest 1% of taxpayers — by one estimate, $160 billion a year goes unpaid by this group.
Good thing I just use cash. Fuck banks. And fuck the fed.
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