I've heard multiple versions of this. The most predominant version I've heard is that any transaction (in or our) of $600 or more will get reported, whereas right now it's $10,000.
Of course, it's a way to crack down on the billionaires who are evading taxes. They always make $600 deposits, right?
Just more lies and gaslighting by this fraudulent administration. They are looking to strangle the middle class by any means possible.