Will New Income Reporting Have Any Meaningful Impact on the Financial Ecosystem?
Written by MarketScale | Featuring Asher Rubinstein | Partner, Gallet Dreyer & Berkey, LLP
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If the IRS having more scrutiny over bank accounts makes you squirm, then buckle up. A proposed change to bank reporting standards would require banks to report $600 or more in transactions to the IRS, allegedly to help the Treasury catch wealthy individuals concealing income and committing tax fraud. Is this out of step with the traditional data financial institutions report to the IRS. Asher Rubinstein with Gallet Dreyer & Berkey Law, LLP is an expert in IRS compliance issues, and he shares his take on this potential change...
Asher Rubinstein
Asher Rubinstein's practice focuses on domestic and international asset protection, wealth preservation, estate planning, tax planning, tax controversy, offshore tax compliance, and related litigation. Mr. Rubinstein is a recognized expert on offshore entities, foreign banking, and IRS compliance issues. Mr. Rubinstein also represents and advises wine, spirits, food, and restaurant clients.