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digi59404 | 3 months ago

They’ll know because in the US and abroad the banks send the balances and transactions to the IRS. I get letters every year/6 months that I’m subject to additional withholding because they haven’t gotten any $$ but they show I have.

discuss

order

SoftTalker|3 months ago

AFAIK only transactions over $10k are reported, maybe different between personal and business accounts?

salawat|3 months ago

Reporting to tax authorities by banks/financial institutions was bumped down to any receiving of an amount in excess of $600 during the Biden admin.