The IRS may soon have access to your personal and business banking information under the Joe Biden administration’s new IRS bank reporting proposal. I know how it sounds, but if the Biden, new IRS bank monitoring proposal passes and become law, the federal proposal would require banks to report to the IRS, deposits and withdrawals of all personal and business accounts with a balance of more than $600 dollars. In other words, the IRS would now be able to monitor your personal and business bank accounts.
In this video, I’m going to cover the inside scoop on the Joe Biden Administration’s 2022 budget proposal as it relates to the proposed new IRS banking regulation on banks and financial institutions.
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Do you have questions about New IRS Bank Reporting Proposal and Privacy Concerns? I’m an Illinois licensed, Registered Certified Public Accountant with over 25 years of experience. I’m dedicated to providing outstanding tax and accounting services to individuals and small businesses in the Chicago area.
Disclaimer: Any accounting, business or tax advice contained in this article, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, I would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.