There’s new legislation that’s brewing, however we do know that this one item that keeps coming Up and this is a very hotly debated topic here, this new proposed reporting requirement of $600. One thing is IRS is trying to do is expand the reporting so as it is now the IRS they can get their information from your bank account, the other but they don’t have it reported to them every day in the same way that let's say a “W2” or “1099” form that’s communicated to them. So, we’re starting to see a lot of debate, so it is you know the banks thinking this is going to be an extra cost for them to provide more reporting information because there’s a record and its requirements more there and taken back by some of the comments in favor of it so here that you know.
Yelling here’s over here and kind of in charge of the fed and saying she thinks it's okay and it's not an overreach and we’ve seen uh several other articles by attorneys and other people who are familiar with data collection and security of information that is very opposed to this because this is going to be a massive database of fraud so now this information about there are transactions and account balance which is going to be stored on another hackable database somewhere that’s controlled by the government and we can’t always trust the people at the government to do it right that information well, so its right for the fraud and its just making it much easier for one other entity to have this information,
but you’re seeing debates on both sides of the table and my opinion is that the threshold needs to be a lot harder to avoid this This is overly tedious process and as it is now I don’t think what is proposed is going to end of this under reporting that they expect to catch as a result of seeing more of these transactions so we’ll keep an eye but I’m in disagreement.
October 15, 2021 | DWHuff Consulting
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