The accounts that would be covered by this requirement, although I don’t think details of that have been released. It theoretically would not apply to all accounts. The idea is to try to capture reporting on accounts of wealthier folks who have large inflows and outflows not reported on W2s and 1099s.

I understand the desire for repubs to go on the attack, but I think this is still a WIP. I give odds of no better than 50/50 that anything like this will make it into the bill (not that I have any inside knowledge, just think it’s controversial). If it does, details will emerge about the scope of the requirement, but it is apparently not intended to cover the average working joe.

Again, it all seems in flux, so I suppose all accounts being covered is a possibility if they decide alternatives are too complex. Although that also might torpedo the whole provision.
[Post edited by hoolstoptheheels at 10/20/2021 08:39AM]