I didn’t see a mention of $600 anywhere in the article for any kind of threshold. The $600 part is not in the title of the article either. The way I read the article is it would be required to report overall inflows and outflows of accounts to the IRS(yearly?). The IRS wouldn’t receive a report every time one made a transaction. The Forbes article suggests this would trigger expensive audits for legitimate high dollar transfers that are not taxable.
From my bank:
This new reporting plan would force banks like us to report the inflows and outflows on all personal and business accounts with a balance of $600 or more. We would not have a choice in reporting this information to the IRS if this proposal is enacted into law.
The article is from April, the letter from my bank is this week. There are other articles that have that detail but you have to sign up for them to read them and unlike others I posted what you can get to and read easily.