Democrats are trying to find ways to fund new social program initiatives. One of the ways is through a proposal requiring banks to report additional information from taxpayers as a way to find additional taxes from unidentified income. What exactly do the Democrats want the banks to report to the IRS? The sum of deposits and withdrawals. The initial threshold for banks to report information was $600 which was met with criticism from Republicans and bank lobbyists. As a result, Democrats have proposed changing the threshold to $10,000 and it is currently being negotiated.
Disclaimer: This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult a tax, legal and accounting advisors before engaging in any transaction or submitting any IRS form.
Ramin Mohammad
Ramin Mohammad is a lawyer and CPA with over 15 years of experience including working in audits, teaching, and in big law. Ramin helps clients on both personal and business related tax issues ranging from a multitude of practice areas including tax structuring, planning and cross jurisdictional taxes. His client-base expands throughout the US and overseas offering tax consulting, tax planning and tax preparation.
