Democrats to limit Biden's plan giving IRS more info on bank accounts...
proud republican wrote:
https://www.foxbusiness.com/politics/democrats-biden-plan-irs-information-bank-accounts
$10,000.00 is what the threshold is now. It has been for the last 30 years.
Strycker
Loc: The middle of somewhere else.
Banks already report single transactions of 10k or more so what does this change really say? I understand it gives the IRS total access to all your transactions if your account exceeds 10k. Say you save 15k for a used car and move the money from your savings to checking to buy the car. You are now flagged and the IRS swoops down to audit you. This is not just a tax trap for the wealthy. It's a tax trap for everybody and with the IRS you are guilty till you prove your innocence.
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