So-called tax gap plan could let the IRS look into any account with as little as $600 – Wichita, Kansas

Wichita, Kansas 2021-09-13 23:21:08 –

Wichita, Kansas (KSNW) – The IRS wants to increase its post-tax evasion funding by $ 80 billion.

However, some say that if your account has only $ 600, you can open transactions with your account and the IRS.

“We don’t know what will happen and what is being proposed in the pending law,” said Travis Kerr, president of Wichita’s Community Bank. We are often asked to be the eyes and ears of the government. “

Kerr says the report is not new. And he’s clear, he’s not participating in the politics of proposals from the IRS and the government.

Republican lawmakers are firmly opposed to this idea.

KSN contacted lawmakers about the plan.

US Congressman Ron Estes (R-Kansas) returned to KSN on Monday. He co-sponsors a bill submitted to Congress to curb that idea.

“Prying Kansas family and small business bank and Venmo accounts is another example of a serious overkill for the Biden administration,” Parliamentarian Estes said Monday.

Estes also said it would be a reporting nightmare for small banks.

“We still don’t know what that means,” Kerr said. “Obviously, we take your privacy very seriously and are concerned that we may have to report some of these transactions in some way or in any way.”

The plan passed the US Senate. It’s in Congress now.

Legal analysts say they’ve seen plans like the current proposal before.

“These are the issues that are in front of our brave and new digital world,” said Dan Monato, a legal analyst at KSN. “For 45 years, Americans did not have much privacy rights in bank records. In 1976, the United States Supreme Court was constitutionally involved in transactions and records that were willing to be placed in the hands of third parties such as banks. Because we have ruled that we cannot have the right to privacy. “

Monnat states that the proceedings may not be filed in the future. In 2018, there was a US Supreme Court proceeding that took a different view.

“But it may be under the analysis of the US Supreme Court in 2018. In that year’s Carpenter case, Cellsite’s location information case, the US Supreme Court was in this popular digitized cloud world. Handing over records to a third party no longer loses our right to constitutional privacy, “says Monnat. “Currently, it’s unclear whether the Carpenter ruling applies to bank records, but it may.”

The overall infrastructure bill passed the Senate last month. Both US Senators from Kansas voted against it. Representatives will be back in Washington next week and they will be watching.

So-called tax gap plan could let the IRS look into any account with as little as $600 Source link So-called tax gap plan could let the IRS look into any account with as little as $600

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