Monitoring your Bank Transactions - what the $600 reporting rule really does
(thewriterinblack.com)
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So essentially, the IRS is going to get what it's always desired, a permanent finger in the wallet of every person who actually earns a living. Fantastic, looking forward to the CRA pulling the same stunt down the road.
So what happens if one opens hundreds of bank accounts below $600?
That’s called structuring.