[digi59404]

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.

[SoftTalker]

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

[salawat]

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.

[SoftTalker]

Ah yes, I had forgotten about that. That's for "business" transactions, IIRC. I wonder how they distinguish....

[salawat]

They don't. It was targeted at screwing the poor rather than the rich.