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The annual return will report gross inflows and outflows with a breakdown for physical cash, transactions with a foreign account, and transfers to and from another account with the same owner. This requirement would apply to all business and personal accounts from financial institutions, including bank, loan, and investment accounts, with the exception of accounts below a low de minimis gross flow threshold of $600 or fair market value of $600.

It is clearly to catch those that aren't reporting cash income and transferring assets offshore.

The summary doesn't provided detailed information.

If you think your transactions are private from the government, they already aren't.
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