New Proposal For Banks Reporting Income To IRS
Written by Andre on October 22, 2021
There is a new proposal by lawmakers for the $600 bank limit. The new proposal comes after the original plan for banks to flag individual accounts with more than $600 then the information to the IRS met backlash.
Under the new plan lawmakers released on Tuesday, the amount is now up t0$10,000. Banks would have to flag accounts that have more than $10,000 in money coming in and going out. Wages, Social Security, and any federal benefits would not be included because it is already tacked by the IRS.
As far as individual transactions like you sending money to a family member or friend will not be monitored.
The new plan is still met with opposition but supporters of the plan say it could close the $600 billion tax gap.
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