IRS wanting to monitor transactions over $600
(www.icba.org)
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It's not "transactions over $600." It's for accounts containing over $600, which is almost everyone at some point each month.
From the website:
"The Biden administration is proposing requiring financial institutions report to the IRS all transactions of all business and personal accounts worth more than $600."
Backdoor gun registry.
Cash only for "important" purchases. :)