Banks will be required to report any transactions over - 600. The Biden plan will give IRS Posted: Oct 13th, 2021 - 11:17 am In Reply to: $600 - Still confused
power to track purchases or movements of money in any and all checking accounts when the purchases or movements themselves are larger than $600.00. Like if you purchased a recliner the feds would have a record of that. Or you withdrew $750 in cash that would be reported to the feds.
The plan is to require banks to report any transaction $600 or higher to the authorities. Write a check for your mortgage? Biden wants to know that.
Used to have to have probable cause and get a court order to track stuff. Not anymore.
I am against the proposal, it would be an annual reporting as well, requirement like W2 and 1099 reporting. The 10K reporting still applies.
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