IRS reporting proposal
EDITOR: We typically do not raise issues occurring in Washington with the public, but because the people in our community are important to us, we want to inform our neighbors of proposed legislation that could significantly impact millions of families and small businesses. There is currently proposed legislation that, if enacted, would require all financial institutions to report to the IRS the gross financial inflows and outflows of every business and personal customer account above $10,000. The proposal would use banks as a third-party information source to find and report ...