Will New Income Reporting Have Any Meaningful Impact on the Financial Ecosystem?
If the IRS having more scrutiny over bank accounts makes you squirm, then buckle up. A proposed change to bank reporting standards would require banks to report $600 or more in transactions to the IRS, allegedly to help the Treasury catch wealthy individuals concealing income and committing tax fraud. Is this out of step with the…
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If the IRS having more scrutiny over bank accounts makes you squirm, then buckle up. A proposed change to bank reporting standards would require banks to report $600 or more in transactions to the IRS, allegedly to help the Treasury catch wealthy individuals concealing income and committing tax fraud. Is this out of step with the traditional data financial institutions report to the IRS. Asher Rubinstein with GDB Law is an expert in IRS compliance issues, and he shares his take on this potential change.
