September 19, 2021

Biz Journal

Business perfection

Yellen, IRS Push Democrats to Require Banks to Report Annual Account Flows

Treasury Secretary Janet Yellen and IRS Commissioner Charles Rettig pressed lawmakers Wednesday to present the Inside Income Service extra details about taxpayers’ financial institution accounts, because the Biden administration tries to salvage its struggling tax-compliance proposal.

In letters to lawmakers, the administration officers once more requested Congress to require banks to report annual inflows and outflows from financial institution accounts with at the very least $600 or at the very least $600 price of transactions, a proposal aimed toward letting the IRS goal its audits extra successfully. It will generate about $460 billion over a decade to cowl the prices of Democrats’ deliberate enlargement of the social security internet and climate-change insurance policies, in accordance with the administration.

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