Biden Administration Proposes Financial Surveillance Regime Likely to Catch Tax-Dodging Small Business Owners
By EsqSocial Corporation 24/05/21
Under present law, most Americans’ taxable income is reported by both the payor and the payee. Wage income is reported by the employer on a form W-2 and by the employee on an annual tax return. Independent contractor income is reported by the paying business on a form 1099 and by the contractor on an annual tax return. While banks report interest paid to an accountholder on a form 1099-INT, banks do not currently report an accountholder’s deposits and withdrawals to the IRS. Such records are of...
By: Foley & Lardner LLP