Merchant Services: Need some clarification

Hey,

Could use some help here if anyone’s got a minute.
I run a small sole proprietorship and have my standard business checking account, but I decided to set up myPOS to handle card payments. The weird thing is, they opened a whole new account for the service under a Bulgarian routing number—just how it works when you sign up with them.

How much access does the IRS actually have to an account like that, and honestly, should they even be looking at it?

myPOS told me they’d send over a monthly statement for my accountant, but I'm sitting here wondering if that's really enough to stay on the right side of things. 🤔

You report to the IRS using the standard tax facts form, and you have to notify the Federal Reserve once monthly if transactions exceed $100,000—though you should probably double-check that specific threshold.