Thank you for reading the small print for the rest of us.
They really pack a lot of potential information into those tiny letters, don't they?
I'm curious. Are financial institutions like credit cards required to notify their customers every time information has been supplied to the IRS? I know investment banks and such are, but are there all-encompassing rules?
I'm really not sure. It's been my experience that usually when a form gets sent to the IRS it also must be sent to the individual.
I've never received a tax form from a credit card company and hopefully the IRS hasn't received anything from them about me either lol. I don't know that this necessarily means that the CC co's will provide data to the IRS for some dollar amount limit transaction but they've definitely got the door wide open to hand over our transaction data. This seems like a little bit more than a coincidence.
It definitely does! And as Snowden revealed, we share a hell of a lot more with those three-letter agencies than we realize.