Biden’s proposal will require banks to report transactions over $600 to the IRS

WASHINGTON (WTVO) — President Biden’s American Families Plan will require financial institutions to report personal transactions of $600 or more to the IRS. Currently, financial institutions report your data after you make a transaction of $10,000 or more. The U.S. Treasury Department says they’re making this change to cut down on tax evasion, estimating it … Continue reading Biden’s proposal will require banks to report transactions over $600 to the IRS