Quote:
Originally Posted by Hog's Gone Fishin
What do you guys think about the government monitoring our bank accounts ? The way I heard it last night was that any account that reaches a $600 balance at any time will then be monitored by the IRS. Thus they've sent EVERYBODY a $600 stimulus check so there you go. I haven't a damn thing to hide but talk about a waste of resources ,time and money .
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Not a good idea at all.
https://www.azcentral.com/story/mone...ts/6052734001/
Excerpt from the article:
Would banks face new obligations?
Yes. Banks and other financial institutions would need to track and report all of this new transaction activity to the IRS. That could drive up their costs and possibly result in more fees being passed along to customers.
"The fact that raw data exists somewhere in a system does not mean it is easily compiled or produced," stated a letter sent to congressional leaders by the Consumer Bankers Association, the American Bankers Association and nearly 40 other financial and industry groups.
"This proposal would create significant operational and reputational challenges for financial institutions, increase tax-preparation costs for individuals and small businesses, and create serious financial privacy concerns," stated the letter from the banking and industry groups.