US banks are required to report interest paid and any individual
transaction of $10,000 or more. But banks do not otherwise report
anything to the IRS.
Chuck Norcutt
Chris Crawford wrote:
> There's nothing special about eBayers....the IRS goes after ANY
> self-employed people who don't pay their taxes. They're watching
> everyone....if you have a lot of money coming into your bank account the
> bank lets the IRS know and they can compare that against your declared
> earnings and yes they do catch people who don't pay their income and
> self-employment (social security tax) tax.
>
>
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