Biden Wants to Let the IRS View Your Bank Account? IRS Biden $600 Account Tax Proposal Explained - President Biden has proposed a measure which would allow the IRS to receive reports from financial institutions annually for accounts with at least $600 value - I'm explaining the information available about this, if the IRS will have access to your bank account, when it would take effect, and how it would effect you if passed.
0:00 Intro
0:40 WHY is this policy being proposed - tax gap
2:45 WHO is this policy proposed to impact
2:50 How much could this generate in missing taxes?
3:08 WHAT - Explanation of the proposal - what does it mean?
4:02 What is NOT included in the proposal text
4:25 When would this go into effect?
4:31 HOW DOES THIS EFFECT ME?
5:25 Will I get AUDITED?
5:49 Could be changed - increased from $600 threshold
6:15 Large groups in OPPOSITION of this proposal
7:04 Is this passed? When would it be in effect?

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