October 18, 2021 Dear Customers, The Biden Administration is proposing a sweeping expansion of tax information reporting which, if enacted, would require banks to report detailed information on the inflows and outflows of every customer account above $600 to the IRS. The administration’s stated goal is to reduce the tax gap and also raise revenue to help offset the cost of additional spending programs. These new reporting requirements raise serious questions about Americans’...
IRS Reporting Update - 10/18/2021
Posted on Oct 18, 2021