That was single transactions of $10,000 or more.
They want a $10,000 reporting threshold for the TOTAL of ALL transactions on an account for a full calendar year, if you pay JUST your rent or mortgage of $833.34 a month from the same account, they want full access to EVERY SINGLE TRANSACTION you made that year.
You used your debit cart at Taco Bell? They want to know.
They want a $10,000 reporting threshold for the TOTAL of ALL transactions on an account for a full calendar year, if you pay JUST your rent or mortgage of $833.34 a month from the same account, they want full access to EVERY SINGLE TRANSACTION you made that year.
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You know, if it was about 10 years ago, I might have tacitly agreed with this idea. In fact, I would probably have been surprised they couldn’t already get this information. It’s basically like instant pervasive auditing.
Now, if this was the naive me from 10 years ago, I would have assumed the IRS had purely professional and non-partisan motives, like the other alphabet agencies protecting us from crime and national security threats. In this case, I’d have figured they’d want to know who is laundering money, who is running an illicit business, or even perhaps in human trafficking.
But now, my first inclination is that they want to know who is giving cash to their college kids, or who sold their custom modified guitar online without reporting the income. Drug dealers and illegal laborers be dammned, we want to know which (otherwise) law abiding citizens did with their pocket change
[You used your debit cart at Taco Bell? ]
Well, I did get a $5 box the other day...
Yes, in the mid-1980’s, we produced a tape for the IRS every month at our bank’s data center. I always figured it was the $10,000 transaction thing back then.