Some people are in an uproar, an absolute uproar over the IRS' plan to compel banks to provide to the agency the banking information of anyone who had over $600 in a given year, which means just about any account holder.
And this would be a requirement at all banks and credit unions, and with ghetto providers such as the Cash app, so it does no good for someone to close their accounts at one bank and then go across the street. People are so angry, but the simple thing is this: if they have nothing to hide, then they have nothing to fear.
But this really isn't about individual transactions. The IRS is keen to see what your banking history shows for a calendar year so it can compare it to your tax return. It's as simple and as complicated as that.
Me, I'm not worried in the slightest. Yes, if this goes through, then the IRS gets my information. So what? I'm not doing anything illegal, so I have absolutely nothing to hide. I'll be slightly embarrassed if they do in fact see individual transactions and they see that I depend upon Uber to get me where I'm going as I'm eplileptic and as such, I can no longer drive without putting myself and others at risk.
I'm all for this. No longer will people who work "under the table" be able to hide from paying their fair share. I for one would waste no time in reporting her to social services if she's unwilling or unable to provide for her child.
No longer will that single mother who's so pathetic that she has to be a waitress be able to "forget" to record and report her cash earnings.
I do practice what I preach. There is a mechanism whereby you can report your cash income. So some of the people who may be crying because they'll be forced to pay taxes, honest taxes, just like everyone else. Wait staff, babysitters, illegals, caddys, and many, many more would do well to prepare to pay taxes.
Yes, a new day will dawn if Congress does the right thing. And I will laugh at the misery of the pathetic cash workers who seem to think that they can get one over.