Yes, Biden’s proposed legislation would allow IRS to have more information on bank accounts with more than $600

IMAGE: Ocala Post

U.S. Representatives from nine states, not including Ohio, sent a letter strongly opposing this proposal to Speaker Nancy Pelosi, the IRS Commissioner and others.

By Lindsey Mills | 14 September 2021

CBS NEWS (10 WBNS) — How much money do you have in your bank account? Depending on your answer, under proposed tax reform from President Joe Biden, all your transactions would be reported to the IRS.

This proposed plan is raising privacy concerns. …

Our sources are testimony from the IRS Commissioner to the Senate Finance Committee, as well as President Joe Biden’s spending plan for fiscal year 2022.

Under President Biden’s proposed legislation the IRS would have more information on financial accounts with more than $600. …

Back on April 28, 2021, the Biden Administration announced the American Families Plan.

In it — tax reform.

Fast-forward now to June 8, 2021, the IRS Commissioner testifies before the senate finance committee on the IRS budget, which includes details of the tax reform proposal as part of the president’s spending plan for fiscal year 2022. …

Under the proposed legislation, “[f]inancial institutions would report data on financial accounts in an information return. The annual return will report gross inflows and outflows with a breakdown for physical cash, transactions with a foreign account, and transfers to and from another account with the same owner. This requirement would apply to all business and personal accounts from financial institutions, including bank, loan, and investment accounts, with the exception of accounts below a low de minimis gross flow threshold of $600 or fair market value of $600.”

The measure, if approved, would begin in 2023. […]

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