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 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.

1. Is This Rule Change Out of Step with Traditional Data Reported to the IRS?

 

2. How Banks & Credit Card Companies Will Have to Adapt

 

3. Will This Impact Cash Flow or Strategies for Businesses Moving Low Volume at a High Price Point?

 

Follow us on social media for the latest updates in B2B!

Image

Latest

Leadership
Leading Change from Within: The Power of Transformational Leadership
February 7, 2026

Leadership is being tested in real time. As organizations navigate AI adoption, remote work, and constant structural change, many leaders are discovering that strategy alone isn’t enough. People are asking deeper questions about purpose, trust, and what it really means to show up for teams when uncertainty is the norm. In a world where burnout…

Read More
technology
Clarity Under Pressure: Technology, Trust, and the Future of Public Safety
February 7, 2026

When something goes wrong in a community—a major storm, a large-scale accident, a violent incident—there’s often a narrow window where clarity matters most. Leaders must make fast decisions, responders need to trust the information in front of them, and the systems supporting those choices have to work as intended. Public safety agencies now rely…

Read More
weather Intelligence
Clarity in the Storm: Weather Intelligence, GIS, and the Future of Operational Awareness
February 6, 2026

For many organizations today, weather has shifted from an occasional disruption to a constant planning factor. Scientific assessments show that extreme weather events—including heatwaves, heavy rainfall, and wildfires—are occurring more frequently and with greater intensity, placing growing strain on infrastructure, utilities, and public services. As weather-related disruptions become more costly and harder to manage,…

Read More
AI in sterile processing
AI in Sterile Processing Is Proving Its Value by Acting as a Co-Pilot, Not a Replacement
February 5, 2026

Sterile processing departments are dealing with persistent operational pressures. Surgical case volumes are rising, instruments are more complex, and staffing shortages remain across many health systems. Accuracy and documentation requirements continue to tighten, leaving little room for error. In busy hospitals, sterile processing teams may handle 10,000 to 30,000 surgical instruments per day, with…

Read More