Banks reporting to the IRS vice versa?

Question

Ok So everytime I make a withdrawl OR even A deposit does it go to the IRS? OR is there a certain amount it goes to. If there's a minimum it gets reported at, what is it? AND does the money withdrawn add up overtime and then get sent to the IRS? I bank with US BANK. Please someone help me and answer all my questions!!!

Thanks so much!!

Answer 1

Two laws (Bank Secrecy Act and US Partiot Act) require banks, money service businesses, and retail stores to report on financial transactions that have the potential for laundering money.

$10,000 or larger cash or cash equivalent transactions are reported to the IRS (by law).

More detailed article/answer (see link).

Answer 2

Banks reports more than just $10k transactions.  They are also on the look out for suspicious patterns, particularly who do you transact with.  Consult these IRS data http://www.irs.gov/compliance/enforcemen...

Best wishes.