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digi59404
32 days ago
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What they don't tell you about maintaining an open...
They’ll know because in the US and abroad the banks send the balances and transactions to the IRS. I get letters every year/6 months that I’m subject to additional withholding because they haven’t gotten any $$ but they show I have.
SoftTalker
32 days ago
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AFAIK only transactions over $10k are reported, maybe different between personal and business accounts?
salawat
32 days ago
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Reporting to tax authorities by banks/financial institutions was bumped down to any receiving of an amount in excess of $600 during the Biden admin.
SoftTalker
31 days ago
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Ah yes, I had forgotten about that. That's for "business" transactions, IIRC. I wonder how they distinguish....
salawat
27 days ago
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They don't. It was targeted at screwing the poor rather than the rich.
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