IRS will now be monitoring all transactions in bank accounts >$600
This seems like it is a great time to move to cash only. One withdrawal a month and they will have no idea where it goes.
With the rate of inflation the way it is, they’ll soon have to raise that amount.
Not going to hear about this in main stream media for sure!
I thought this was part of the big three trillion dollar “infrastructure” bill. I don’t think this as been enacted yet.
Glad you mentioned that. It is a proposal. Here is some of the text (sorry about the editing) :
This 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.
Other accounts with characteristics similar to financial institution accounts will be covered under
this information reporting regime. In particular, payment settlement entities would collect
Taxpayer Identification Numbers (TINs) and file a revised Form 1099-K expanded to all payee
accounts (subject to the same de minimis threshold), reporting not only gross receipts but also
gross purchases, physical cash, as well as payments to and from foreign accounts, and transfer
inflows and outflows.
Similar reporting requirements would apply to crypto asset exchanges and custodians.
Separately, reporting requirements would apply in cases in which taxpayers buy crypto assets
from one broker and then transfer the crypto assets to another broker, and businesses that receive
crypto assets in transactions with a fair market value of more than $10,000 would have to report
The Secretary would be given broad authority to issue regulations necessary to implement this
The proposal would be effective for tax years beginning after December 31, 2022
The source article is using the proposal as click-bait and has an agenda. Due diligence.
It’s another stupid attempt by our lords to tighten the noose. But it’s also going to push people to get the hell out of $USD. This is GREAT for bitcoin! I’m going to start stacking like a demon.