In May, the Fed introduced a bank filing requirement requesting that banks report our total banking inflows and outlays to the IRS. Congress needs to send this intrusive measure to the trash bin.
Having conducted forensic audits, the government is requesting the banks to do its dirty work. The Internal Revenue Code allows the government to tax unexplained bank deposits as income.
Imagine as a taxpayer having to identify bank deposits from two years ago. This gets even harder when your family has multiple accounts or even worse if you own a business. Just the transfers alone between bank accounts is an unheeded nightmare.
Don't buy into the BS that the IRS will only audit those whose income exceeds $400k. They'll be issuing correspondence letters to us mandating an explanation on bank variances. No thank you.
If the Feds wants to help our seniors, increase the interest rate on CD's, money market and savings açcounts.
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In May, the Fed introduced a bank filing requirement requesting that banks report our total banking inflows and outlays to the IRS. Congress needs to send this intrusive measure to the trash bin.
Having conducted forensic audits, the government is requesting the banks to do its dirty work. The Internal Revenue Code allows the government to tax unexplained bank deposits as income.
Imagine as a taxpayer having to identify bank deposits from two years ago. This gets even harder when your family has multiple accounts or even worse if you own a business. Just the transfers alone between bank accounts is an unheeded nightmare.
Don't buy into the BS that the IRS will only audit those whose income exceeds $400k. They'll be issuing correspondence letters to us mandating an explanation on bank variances. No thank you.
If the Feds wants to help our seniors, increase the interest rate on CD's, money market and savings açcounts.
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