Wednesday, October 06, 2021 01:42:20 UTC

The Biden Administration's IRS plans to review every account above a $600, or with more than $600 of transactions in a year.

Essentially every American with a job could get evaluated. A group of 41 industry groups recently warned congressional leaders that the plan "is not remotely targeted" to detect major tax avoidance.

Keep this in mind when creating and managing your stock options accounts as well.

Treasury Secretary Janet Yellen said the plan would identify "opaque income streams that disproportionately accrue to the top." Treasury and congressional Democrats claim taxpayers will now report income more accurately if they know the feds have their account information.(More)

@treasurydept

#irs #tax #janetyellen #democrats #joebiden #taxavoidance