I see you're from Canada. I don't how it works there, but here I think I have decent understanding of how our system works.
This new reporting plan is completely constitutional. It does not violate the 4th amendment right to privacy. I don't like it anymore than the next guy. Here's how it shakes out:
Article II section 10 of the Constitution guarantees us the right to contract.
We have voluntarily, contractually waived our 4th amendment right to be secure in our persons, houses, papers, and effects by signing up for a social security number. Signing the social security contract, you have enfranchised yourself to the federal gov't and pledged all your labor ( which is property) for your entire life. Your social security number is also your tax payer identification number which draws you under the IRS. Therefore you have contractually obligated yourself to pay any and all taxes associated with the use of commercial paper i.e. federal reserve notes, checks, bonds, stocks, etc. You want the benefit (social security) so you willing, although probably unknowingly, waive your rights. When an IRS agent shows up at your door to perform an audit, tell him to kick rocks, and see how that goes for you. Every judge in this country will uphold the right of the IRS to see your books if you're participating in the system. .
Your bank is also a franchise of the govt evidenced by its license. It also deals in commercial paper which is a regulable activity under the commerce clause. It works FOR the govt. It is in cahoots with the govt, if not willingly by regulation. It either complies or will be closed down by govt force if necessary.
On a side note. There is basically no private business conducted/ owned in the U.S. anymore. Almost all businesses are licensed. A license is a franchise. You have a partnership with govt, who provides you the security to operate. Who issues the franchise? Who really owns that business? Why do you think you pay franchise and excise tax? You as the "owner" are there to turn a profit and give the govt its cut of the proceeds.