Bank president warns of knock-on effects from IRS overhaul
September 23, 2021
President Joe Biden last week thanked the U.S. House of Representatives for continuing its work to advance his economic plan, which includes new ways to ensure the super-rich are less able to evade paying taxes.
However, Andy Miller, President of Sundance State Bank, warns that these changes could have knock-on effects for both banks and the personal privacy of citizens.
“If passed, the proposal would essentially require banks to report data to the IRS for any account with at least $600 of inflows or outflows annually,” Miller explains.
Experts at the Treasury Office of Tax Analysis ha...