no interest bank account details to IRS

[davenport56]

What is the name of your state? Alabama

In general, whether banks are obligated to report to IRS anything about the account details of all its customers (or about the customers) who have noninterest checking accounts with that bank?

 

[Zigner]

What is the name of your state? Alabama

In general, whether banks are obligated to report to IRS anything about the account details of all its customers (or about the customers) who have noninterest checking accounts with that bank?

Your question is non-sensical. Please rephrase it.

 

[zddoodah]

To the best of my knowledge, banks have no obligation to report to the IRS regarding non-interest earning checking accounts (except in the case of unusual activity like large cash deposits). While I agree that your question is not well-phrased, I suspect I have answered what you intended to ask.

Why do you ask?

 

[Taxing Matters]

What is the name of your state? Alabama

In general, whether banks are obligated to report to IRS anything about the account details of all its customers (or about the customers) who have noninterest checking accounts with that bank?

There are various reports that US banks make to the IRS or US Treasury. Interest paid on the account is one of them. If no interest is paid on the account, then the only reports that would be filed would be a (1) currency transaction report (CTR) for cash (and near cash) transactions that exceed $10,000, either in a single transaction or a series of related transactions or (2) a suspicious activity report (SAR), which a bank files when activity with the account is unusual in some respect given what the bank knows of its customer.

What is your concern about IRS reporting? If you are not omitting income on your returns then this should not be much of an issue for you.

 

[davenport56]

I am sorry for poorly phrasing the question, and thanks for answering it. I just wanted to educate myself and that is the reason I asked the question.

 

[Zigner]

I am sorry for poorly phrasing the question, and thanks for answering it. I just wanted to educate myself and that is the reason I asked the question.

For what reason do you wish to educate yourself?