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2021-09-02T23:18:02-04:00 ·
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Work (a financial institution) notified us today of these changes. This is all wrapped up pretty in the "American Families Plan", which has some great things included. This however, is probably one of the most terrifying things to read.
Specifically, the proposed fiscal 2022 budget would require banks and other financial institutions to report to the IRS on the deposits and withdrawals of all business AND personal accounts with a balance of more than $600.
Simply put, the American Families Plan calls for banks and other financial institutions to report more than just a taxpayer’s interest earned, capital gains and losses. Banks and other financial institutions would also be required to report “aggregate account outflows and inflows.” In other words, the IRS will know about all of your bank accounts, whether you earned income on that account or not, how much is in the account in a given year, and how much was transferred in and out of the account.
The White House has a fact sheet on ...
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