Well this here is a interesting news article came across, it’s reporting that a new proposal from the US Treasury Department would require banks to report all money being deposited & withdrawn to the IRS.
This proposal comes from President Joe Biden’s $3.5 trillion dollar budget plan.
The proposals would also require banks to report money flow coming from money apps such as Cash app, Venmo, Pay Pal & cryptocurrency exchange to prevent tax invasion.
The IRS would know exactly how much money People are moving in-and-out of their personal bank accounts.
The report said the plan will mostly affect self employed people Who self report their income and the wealthy.
