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Chris Dunn, Senior Vice-President of Peoples Bank, spoke with me Wednesday, September 22, 2021 concerning the proposed IRS reporting requirements contained in the 2022 Budget Resolution and Reconciliation. The bill has not passed but is under consideration.
I had been told any transaction(debit or credit) in your checking account above $600 would be reported to the (click here to contact your congressman) IRS. The information I received was not completely accurate…but to me, even worse!
This proposal in Congress would require financial institution to report detailed information on most customer bank accounts to the IRS every year!
These new reporting requirements raise serious questions about our right to privacy and will raise the cost of tax preparation for individuals and small businesses.
Take time to listen to Chris’ interview. You will be surprised at what you learn!
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