With the rapid pace of financial transactions, the IRS recognizes the necessity of increased scrutiny of many of these transactions. Accordingly, banks are now required to report all transactions equaling $600 or more to the IRS. Under former rules, the threshold was substantially higher. Banks were required to report transactional amounts of $10k or more. Under the new requirement, some members of Congress have expressed outrage citing these new reporting requirements raise serious privacy concerns. Users of money transferring applications like CashApp, Zelle, and PayPal will likely experience the most impact by these new requirements. Making their ordinary activities fair game for routine financial enforcement audits. Among these were once reserved for those of high net worth.
