IRS Bank Reporting has been a hot issue all summer long. Today’s Tax Talk has been bringing this issue to the forefront since May 2021, knowing if the public knew of these plans there would be a ground swell of opposition.
In September 2021, because of bank and constituent complaints the Congressional Committee pulled the provision for the Bill, only to have it reinserted days later with a promise to increase the threshold from $600. In mid October Congressional Leaders announced the threshold change to $10,000.00. But it wasn’t enough.
At least 100 Banks and other interested parties published opposition and criticism of the entire concept as an invasion of privacy. Senator Joe Manchin voiced his opposition to the provision. Now, 21 Democratic Members of Congress have come out against it.
That should be the end of it. But, is it? Attorney Steven A. Leahy reviews the news stories or this issue. Where do we go from here?