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Keyword: 600reporting

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  • From Big Banker to Big Brother: Your $600 and You

    09/29/2021 7:38:17 PM PDT · by jfd1776 · 38 replies
    Illinois Review ^ | September 29, 2021 AD | John F Di Leo
    The federal government has always required large personal bank transactions to be reported, just in case. I remember that number being $10,000… Somewhere along the way, it was increased to $20,000. With inflation, that makes sense. Why the requirement? Because large cash transactions might be an indicator for black market activity, such as drug dealing, contract hits, political bribery, etc. Americans have a healthy distrust of government. We don’t want every personal transaction reported to the feds, but we understand the need to report some. With inflation, we expect such numbers to be periodically revised upward. We certainly do not...