IRS $600 Reporting Requirement

I oppose the new possible IRS $600 reporting requirement. There is a possible new law coming out where banks will have to report transactions over $600 to the IRS to monitor your bank account more closely. The current level is $10,000, which is where I think it should be at. The law, in theory, is to keep track of tax fraud and cheating for the rich.

I do not think that much tax fraud and cheating happens under $10,000. Over $10,000 is where the major fraud and cheating would be happening.

There is a major problem here and that is this possible new law will require reporting which will cost more compliance for banks. This could hurt small and local banks that would have to spend more on compliance. This seems like too much government oversight.

Currently, lawmakers have said they are not going to do it now, but I do not believe them. I believe it will be back on the table eventually. To me the cons outweigh the pros of this possible new law.

In conclusion, I do not agree with the new possible IRS compliance $600 reporting requirement.

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