This is a weekly column from Kelly Phillips Erb, the Taxgirl. Erb offers commentary on the latest in tax news, tax law, and tax policy. To contact the reporter on this story: Kelly Phillips Erb in Washington at kerb bloombergindustry.
To read more articles log in. Free Newsletter Sign Up Login. Log in to access all of your BLAW products. Single Sign-On. Remember Password Log In. Register Academic Account. Free Newsletter Sign Up. Spoiler alert: We had not. What about PayPal and other payment apps? It sounds like the IRS is chasing business accounts. Does that mean that personal accounts would be excluded under the proposal? The goal is to prevent money laundering by criminals using cash deposits to disguise their illegal source of funds.
NOTE: FreshBooks Support team members are not certified income tax or accounting professionals and cannot provide advice in these areas, outside of supporting questions about FreshBooks. If you need income tax advice please contact an accountant in your area. It helps the agencies combat money laundering that is used to facilitate various criminal activities such as drug dealing and terrorist financing.
According to the IRS, here are some things you need to keep in mind while filing Form Transactions that require Form include, but are not limited to:. Hanna adds they would also have to potentially buy new technology that would allow them to report, record and save the data.
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