LogFAQs > #962149974

_____Cait posted...

Hasnt this been the norm for a while? They have always demanded people report under the table payments. Now, they are just tracking paypal.

It sucks, but this isnt new.

No, this absolutely is not the norm. Banks only reports to the IRS single transactions above $10,000.

Now the IRS wants to track all your transactions in your bank account if there is a total deposit of $600 throughout the entire year. If the point is to go after the wealthy then why the hell is threshold they are seeking only $600 total throughout the entire calendar year? Its a ridiculous way to get the middle class and lower class to pay more taxes since this administration is scared of going after the big corporations who pay no taxes.