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Reply to "Biden Administration proposal of more bank reporting to IRS. "
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[quote=Anonymous][quote=Anonymous]All banking transactions should be reported to the IRS, regardless of amount. If you aren’t doing anything wrong or illegal, you have nothing to worry about. [/quote] What to worry about? Additional transaction fees--as PP mentioned. Banking will become more expensive. More cumbersome paperwork for consumers explaining transactions. Many more audits performed on everyday people--requiring time, and possibly funds, for defense of simple and non criminal activity. We just received a letter from IRS telling us that we had the right to appeal a "correction" in our taxes and that if we did not resolve it, we would be subject to investigation or something like that. Since IRS had not asked us for payment, we were confused. The "correction" was $8 in our favor. It took us internet research to find that they had sent out letters advising of "right to appeal" to everyone who had received a "correction letter." Tell me, who is going to appeal a "correction" in their favor? The letter sounded ominous and should not require research to put mind at rest. Just think of all the things that could go wrong with this regulation, if passed. I listened to Cspan on Saturday and heard the Congressional hearing with Janet Yellen and Powell. Her justification for this reg was less than stellar. [/quote]
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