The Biden administration is making changes to its plan to require banks to report to the IRS on all accounts with at least $600, but banks say those changes are not enough.
Biden has pitched increasing federal tax revenue through more auditing and a stricter IRS as a way to help fund his proposed trillions in federal spending. His initial plan to require reporting of all $600 accounts sparked major controversy.
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Gov. Brian Kemp and Georgia’s business and banking community are pushing back against a federal proposal that would allow the IRS to monitor bank accounts with more than $600.
The plan is part of Democrats’ $3.5 trillion spending bill currently being considered in Congress. Kemp and leaders of the Georgia Chamber of Commerce and the Georgia Bankers Association said it violates most Georgians’ privacy.
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Gov. Brian Kemp and Georgia’s business and banking community are pushing back against a federal proposal that would allow the IRS to monitor bank accounts with more than $600.
The plan is part of Democrats’ $3.5 trillion spending bill currently being considered in Congress. Kemp and leaders of the Georgia Chamber of Commerce and the Georgia Bankers Association said it violates most Georgians’ privacy.
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Most IRS guidance documents make for poor pleasure reading. Then again, most IRS guidance doesn’t effectively impose a retroactive tax on small business owners merely for having a family. IRS Notice 2021-49, issued on August 4, includes a bizarre interpretation of the law that will effectively raise taxes for business owners with close relatives, even if their family members have no involvement in the company.
A core goal of the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed early on in the pandemic was to assist businesses in keeping employees on their payroll even as they dealt with the economic effects of lockdowns. Part of the plan was the Employee Retention Tax Credit (ERTC), which provides a tax credit against employer payroll tax liabilities.
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The designer of Rep. Alexandria Ocasio-Cortez’s “Tax the Rich” gown for the recent Met Gala reportedly has her own tax issues, including owing thousands on a $1.6 million home she recently purchased in Los Angeles’ Hollywood Hills.
Designer Aurora James bought the home in September 2020, but the property is already listed as “delinquent” by the Los Angeles County assessor’s office. The office told The New York Post, which this past weekend reported on James’ tax issues, the designer owed $2,504 in property taxes.
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