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title: "FinCen/IRS wants to lower the required reporting amount from $3000 to…"
date: 2022-01-26
source: facebook
type: Archer T. Ships shared a link.
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# FinCen/IRS wants to lower the required reporting amount from $3000 to…

*January 26, 2022 · Facebook*

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[https://www.cnbc.com/2021/04/28/biden-promises-no-new-taxes-on-anyone-making-less-than-400000.html](https://www.cnbc.com/2021/04/28/biden-promises-no-new-taxes-on-anyone-making-less-than-400000.html){target="_blank"}
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FinCen/IRS wants to lower the required reporting amount from \$3000 to \$250.\
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\"The Recordkeeping Rule and Travel Rule collectively require banks and nonbank financial institutions to collect, retain, and transmit information on funds transfers and transmittals of funds in amounts of \$3,000 or more.\"\
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[https://www.federalregister.gov/documents/2020/10/27/2020-23756/threshold-for-the-requirement-to-collect-retain-and-transmit-information-on-funds-transfers-and](https://www.federalregister.gov/documents/2020/10/27/2020-23756/threshold-for-the-requirement-to-collect-retain-and-transmit-information-on-funds-transfers-and){target="_blank"}\
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Remember when Biden promised no new taxes on anyone making \$400 K or less?\
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[https://www.cnbc.com/2021/04/28/biden-promises-no-new-taxes-on-anyone-making-less-than-400000.html](https://www.cnbc.com/2021/04/28/biden-promises-no-new-taxes-on-anyone-making-less-than-400000.html){target="_blank"}
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