Silver Report Uncut: IRS to Search Bank Accounts for Unreported Income

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Silver Report Uncut
May 13, 2021

The funding for the $1.8 trillion American Families Plan hinges on new reporting requirements for banks designed to identify unreported income.

The proposal would require banks to report annual account inflows and outflows to the Internal Revenue Service. The requirement would also extend to peer-to-peer payment services such as Venmo but wouldn’t require individuals and businesses to report any additional information to the government, according to people familiar with the plan. Financial institutions already must report interest, dividend and investment income, and the IRS can get bank information during audits. The IRS estimates that up to 55% of business income is unreported or misreported. Another issue we face is the Crypto regulation push which seeks to bring in regulation to crypto exchanges in the form of KYC, no doubt. Bitcoin has been sold as the end of the banking industry which is interesting since Goldman Sachs just announced a new crypto trading desk. They aren’t the only ones a lot of major banks and hundreds of smaller banks are now opening up bank access to crypto trading which means Bitcoin will become a massive traceable grid of every transaction. The big banks and big media have been warning about a collapse in the “alt coin” market and suggest everyone move into BTC, ETH and even DOGE is getting a lot of press. Not much has been said about the epic rise in Pirate Chain as well as other privacy coins like Monero which enable completely anonymous transactions. Bitcoin is not what we were promised and Ethereum is the favorite of Gary Gensler the new head of the SEC. When even your own bank account no longer offers privacy maybe some of these alternatives could serve the purpose of what has been lost.

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