Ag CPA on Biden proposal to report bank inflows and the potential paperwork burden

The Biden administration has proposed requiring banks to report inflows into accounts that exceed $600 dollars. That is raising concern not only over privacy, but also due to the potential paperwork burden and impact on tax return bills, if it is enacted.

CPA Paul Neiffer spoke with RFD-TV’s own Janet Adkison on how reporting amounts would actually work, what the IRS would do with this information, and ripple effects.

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Offsetting the cost of the spending bill by monitoring everyone’s bank account is “a horrible idea,” according to ICBA