There are rumors in the personal financial sector about a new Proposal from The Department Of Treasury for the IRS which says to make the financial institutions audit and report all transactions of bank accounts that are over $600 to the IRS.
This was proposed a few months ago, I believe this past May 2021, what they are proposing is that all the financial institutions have to inform of all transactions, debits and credit, loans, transfers any movement in or out of US citizens bank accounts, as long this account has more than $600 of balance.
This proposal reads and I quote “This proposal would create a comprehensive financial account information reporting regime”, the reason or purpose that the Department of Treasury and Government are giving to take this action is to catch those businesses and individuals that are not reporting everything they are receiving as income.
Apparently, this action would be taken place from December of 2022 and forward, you can find more information about this matter on
General Explanations of The Administration`s Fiscal Year 2022 Revenue Proposal
,but not everyone is on board with this idea, and I`m talking about the bankers.
The reasons that they are presenting is that this is a great amount of data for the banks to handle, meaning that it would take more manpower and hours needed, this means more cost for the banks and that will affect service for their clients with the probability that they are the ones covering this cost.
Will this proposal get real, well that is something we will have to wait and see, much politics is in play here as economics, they would be crossing boundaries when it comes to the citizens of this nation, please let us know your comments or opinions on this matter, you can also send us a message via email in our contact page.