Bloomberg Tax
Oct. 14, 2021, 8:45 AM

Breaking Down the Plan to Report Your Bank Account to the IRS

Kelly Phillips Erb
Kelly Phillips Erb

I carried a certain amount of starry-eyed innocence with me early in my tax career. And I remember the day it started to fade. I had been anticipating finalizing a settlement for a client’s outstanding tax liability. On paper, I was convinced we would get what we wanted. Then I got the phone call.

“What about the (other) bank account?” the IRS representative asked.

I explained that I didn’t know what she was talking about. We had, I said confidently, reported all of the taxpayer’s income.

Spoiler alert: We had not.

The taxpayer—who knew better—had a secret account that he ...

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