Wednesday, September 29, 2021

Proposed IRS reporting requirements threaten taxpayer privacy, burden community financial institutions� | TheHill

Proposed IRS reporting requirements threaten taxpayer privacy, burden community financial institutions� | TheHill

In order to fund his progressive wish list, the president has proposed requiring all financial institutions to report to the IRS deposits and withdrawals of $600 or more from business and personal accounts maintained by federally regulated banking services. Currently, the reporting requirement is for transactions $10,000 or higher.

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