IRS would track all bank transactions over $600 in Biden plan; Businesses revolt

Transactions over USD $10,000 are reported to the IRS, I suspect the actual threshold is much lower... asking about the threshold also is rumored to trigger a report, of course.

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.

pg 94

https://home.treasury.gov/system/files/131/General-Explanati...