Quote Originally Posted by Shaps View Post
They're also trying to apply this to people personal bank accounts... so any transaction over $600 dollars can trigger a look at your bank statements by the IRS if they want to... and see everything you choose to spend your money on.
This has always been the case under AML regulations. More transactions are reported than you think.

Standard of living reviews are a huge risk factor that can draw an audit. If you're making 10k/yr, but purchase a $5m house with 0 reported income, that gets flagged. Assets versus income is evaluated.