01/10/2022
There was a lot of pushback regarding the banks being required to provide info to the IRS regarding your cash transactions in your bank accounts. Originally aimed for overall amounts more than $600, the amount was raised to $10,000 - but it hasn't yet been made a law. However, you might have missed that the "cash apps," Venmo, Paypal and Cash App are now required to provide info to the IRS if your cash transactions exceed $600 per year. This IS a law so you might want to check the article to see how that will apply to you. And make sure you keep track of anything eligible for exemptions.
Venmo, PayPal and Cash App Will Now Have to Report Transactions
