Here's the latest news regarding your bank account... and the IRS monitoring it!?
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In a recent video, I went over a key area of Biden’s Tax Plan, which involves the IRS monitoring your bank account to quote “increase the visibility of gross receipts and deductible expenses to the IRS”.
As a part of that plan, the IRS would monitor transactions in your bank account of over $600 or more.
And they received a WHOLE lot of pushback on this policy.
Now, they're talking about raising the transaction threshold to $10,000.
Watch this full video for all of the details and drop a comment to let me know your thoughts.
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Disclaimer: The information provided in this video is for informational purposes only and is not meant to take the place of professional legal, accounting, or financial advice. If you have any legal questions about this video or the subjects discussed, or any other legal matter, you should consult with an attorney or tax professional in your jurisdiction (i.e. where you live).
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