Forbes: Who’s Afraid of Bank Reporting to IRS? (October 25, 2021)

Forbes has published an article, “Who’s Afraid of Bank Reporting to IRS?”, which discusses the Treasury’s newly-released Fact Sheet and its political implications. The article begins as follows:

The Treasury has put out a Fact Sheet on the scaled down bank disclosure reporting requirements currently under consideration – Tax Compliance Proposals Will Improve Tax Fairness While Protecting Taxpayer Privacy. The proposal appears quite controversial. The Wall Street Journal Editorial Board gives us The $10,000 IRS Tax Dragnet.

The real political goal here is to create a mechanism for triggering audits—probably through an algorithm—so the IRS can rifle through all of a taxpayer’s business and other financial records. 

Click here to see the full article: “Who’s Afraid of Bank Reporting to IRS?”

Posted by Marin Larkin, Associate Editor, Wealth Strategies Journal.

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