Corduroy Frog Posted September 26, 2021 Report Share Posted September 26, 2021 One of the bills in front of the govt is to place upon banks the requirement to report any transaction flowing thru an individual's account if it exceeds $600. Quote Link to comment Share on other sites More sharing options...
Lee B Posted September 26, 2021 Report Share Posted September 26, 2021 Copied from Forbes: "By requiring banks to report highest balances and aggregate deposits and withdrawals, the American Families Plan will effectively close off the option of underreporting gross receipts or revenues for businesses and self-employed taxpayer." The proposal does not require the reporting of individual transactions. Quote Link to comment Share on other sites More sharing options...
Catherine Posted September 27, 2021 Report Share Posted September 27, 2021 It'll go the way of the 1099-MISC to corporations; suspended from implementation because they won't have the computer processing power, or storage space, for all the data. Imagine it - a notice every time a small company pays its credit card bill, rent, buys a computer or desk, renews its insurance, etc etc - a notice is sent to the IRS. If we thought they were slow this season with all the hand-checking, they'd simply grind to a halt just about immediately. 3 Quote Link to comment Share on other sites More sharing options...
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