Biden revises proposal to have IRS monitor bank accounts more closely. Here’s how it would work
After the turmoil over a proposal to have banks report their customers' annual cash flow information to the Internal Revenue Service, the Biden administration and Democrats tabled a new, scaled-down proposal in Congress on Tuesday. The question now arises whether this version of the proposed reporting requirement, which would go into effect at the $ 10,000 mark instead of covering transactions above the $ 600 threshold, if passed, will win over critics and help the IRS, tax evaders to catch. In an effort to ensure wealthy households pay their full tax bills, the Biden government suggested months ago that bank, credit and investment accounts be annually to the IRS to see their customers' aggregated "inflows" and "outflows" above the mark of Report 600 USD.
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