Have you ever tried to pull out more than $10,000 cash at a bank? Well that is the current reportable number.
I got a disturbing message from a friend’s bank contact this past week.
Here is what it said:
“The current administration has proposed requiring all community banks and other financial institutions to report to the IRS on all deposits and withdrawals through business and personal accounts regardless of tax liability. This indiscriminate, comprehensive bank account reporting to the IRS can soon be enacted in Congress and will create an unacceptable invasion of privacy for our customers. So, how does this affect you? If passed, the proposal would require financial institutions, like ours, to report the inflows (deposits) and outflows (withdrawals) of $600 or more, on personal and business accounts to the IRS regardless of customers’ consent.
We work for our customers and our community, not the IRS. We encourage you to join us IMMEDIATELY in telling Congress that proposed IRS bank account profiling is indiscriminate and intrusive for our customers. #KeepMyBankPrivate
Click here to protect your privacy!
More information for the bill can be found at: https://home.treasury.gov/system/files/136/The-American-Families-Plan-Tax-Compliance-Agenda.pdf?fbclid=IwAR3S0rZg4wnZAvShO2Y64ASfeXYkW6ERwHQtbeHXoFMSBoRasQiIuJ6El7A “
Do you realize that the $10,000 limit was created in 1970 and they haven’t adjusted it for inflation.
If you adjusted this for inflation the new reportable number would be more than $72,000.
And now they are trying to bring it down to $600…crazy!
I don’t care what side of the isle you are on but it has been proven over and over again that the government is a one way street; they only do things that benefit them and their agendas not yours.
Your financial privacy is important.
This is why I help my client set up financial instruments to keep their funds private.
Not only will it keep it private but it will:
- Grow at a guaranteed rate plus dividends
- You can access your funds whenever you want
- Your money can’t be swept away in a market crash or be manipulated
Maybe we need to rethink the way that we are utilizing bank services.
If I can assist you in any way please send me an email and let’s find a time to chat.
All the best.
Remember — It’s Your Time…