The IRS Wants Access to Your Bank Account!

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Investing, Business

4.7 • 3.1K Ratings

🗓️ 27 October 2021

⏱️ 42 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

Is the government going to start spying on your bank account? A recent proposal would require banks to report inflows and outflows over certain annual thresholds to the IRS. Learn what's been proposed, how it's changed over the past few weeks, and how it would affect your personal finances. Subscribe on YouTube! Download FREE Financial Resources from the show Sign up for our Financial Order of Operations course Let’s make sure you’re on the path to financial success - then help you stay there! The Money Guy Show takes the edge off of personal finance. We’re financial advisors that believe anyone can be wealthy! First, LEARN smart financial principles. Next, APPLY those principles! Then watch your finances GROW! Visit our site for more info. Instagram Twitter Facebook TikTok Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	The R.S. wants access to your bank account.
0:03.4	What do you need to know?
0:04.4	It's Brian Preston, the money guy, restoring order to your financial chaos, retirement,
0:11.6	investing, taxes.
0:13.4	You've got financial questions, he's got financial answers.
0:17.0	It's Brian Preston, the money guy.
0:19.8	Yeah, Brian.
0:20.8	So I am super excited about us being able to share this information and being able to
0:26.4	educate the folks on what's going on.
0:29.6	I don't know that I'm exactly super excited about the topic and of itself.
0:33.6	Is that fair to say?
0:34.6	It's one of those things.
0:35.6	I come from a background of public accounting, doing tax preparation for over 16 years.
0:42.2	So, R.S. is no joke.
0:45.4	You always tell everybody, look, if you can't pay your bills or your mortgage or something
0:51.8	in the bank, they go, hurt your credit, but they're not going to come after you necessarily.
0:57.6	The R.S. scares you because go ask Willie Nelson what they do.
1:00.8	They take your stuff.
1:01.8	And that's always a scary thing.
1:03.8	So whenever there's new proposals about, we're going to increase enforcement from the R.S.
1:10.4	I always like, let's look into this a little deeper.
1:13.6	And I feel like there's been so much publicity around this.
	...

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