21 House Democrats Call for IRS Reporting Proposal to Be Scrapped

A group of House Democrats on Wednesday called for a tax reporting proposal included in the Build Back Better Act to be scrapped, citing concerns over privacy.

“Americans expect their bank or credit union to safeguard their financial information,” the Democrats wrote in a letter addressed to House Speaker Nancy Pelosi and Ways and Means Chair Richard Neal. “This proposal would erode trust in financial services providers.”

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Commentary: $28 Per Day Triggers IRS Surveillance Program

The entire Democrat multi-trillion dollar socialist spending scam is bad for Americans, and bad for our economy. One particular provision that is especially terrible is their “IRS Surveillance” program, which would grant the government access to spy on nearly every Americans’ bank accounts. Their bill wants to use $80 billion of taxpayer funds to hire 85,000 more bureaucrats, nearly doubling the size of the IRS, to go through individuals’ personal banking information.

President Biden, and his colleagues in Congress, must have realized how unpopular this policy was with the American people, so they decided to make some “changes.” They created the impression they were raising the threshold in transactions individuals would need to hit before triggering the IRS to spy on their personal banking accounts.

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Biden Revises IRS Monitoring Plan, Banks Still Opposed

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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Georgia Gov. Kemp, Others Criticize IRS Monitoring Plan as ‘Invasion of Privacy’

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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Georgia Gov. Kemp, Others Bash IRS Monitoring Plan as ‘Invasion of Privacy’

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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Commentary: IRS Guidance Would Punish Small Business Owners with Families

Outside of IRS building

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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Designer of AOC’s ‘Tax the Rich’ Gown Owes Back Taxes on $1.6 Million Hollywood Hills Home, Report

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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