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Democrats Raise Proposed IRS Bank YEARLY Reporting Threshold To $10,000 From $600 By David Lawder (Notes are by Gary L. Britt, CPA, J.D.) WASHINGTON (Reuters) - Senior Democrats in Congress have agreed to raise their proposed tax reporting threshold for bank account inflows and outflows to $10,000 a year, with exemptions for wage income, from an earlier proposal of $600 that drew criticism for being too intrusive. (NOTE: Since this is NOT $10,000 per transaction. It is a law requiring banks to report accounts and account detailed information to the IRS for any account that has more than $10,000 in deposits or withdrawals in total during the calendar year. This will mean every person who has any kind of small business income will be subject to a warrantless search by the IRS of their banking records. It is a direct attack on the entire lower and middle class in this country. It is NOT as the democrats claim aimed at billionaires. If this were aimed at Billionaires the threshold would need to be more than $100,000,000 dollars per year.)...