$600 transactions to be monitored?

[Corduroy Frog]

One of the bills in front of the govt is to place upon banks the requirement to report any transaction flowing thru an individual's account if it exceeds $600. 

[Lee B]

Copied from Forbes:

"By requiring banks to report highest balances and aggregate deposits and withdrawals, the American Families Plan will effectively close off the option of underreporting gross receipts or revenues for businesses and self-employed taxpayer."

The proposal does not require the reporting of individual transactions.

[Catherine]

It'll go the way of the 1099-MISC to corporations; suspended from implementation because they won't have the computer processing power, or storage space, for all the data.  Imagine it - a notice every time a small company pays its credit card bill, rent, buys a computer or desk, renews its insurance, etc etc - a notice is sent to the IRS.  If we thought they were slow this season with all the hand-checking, they'd simply grind to a halt just about immediately.