Question
What do Banks report to IRS each year regarding my bank accounts
There is a lot of talk about new legislation on what banks should report to the IRS each year regarding our bank accounts. But I just like to know what banks were required to report in past years and for 2021? There are confusing and conflicting info on the internet. For example, one article said banks currently report beginning balance and ending balance for the year and that's it. Another article said they already report more details than this.
So what is the real answer? Thanks.
