Biden administration revises controversial IRS rules for bank-account reporting. Here’s how they will work
After uproar over a proposal to have banks tell the Internal Revenue Service about their customers’ annual cash-flow information, the Biden administration and congressional Democrats unveiled a new, pared-down proposal on Tuesday.
The reporting would apply to personal and business accounts, the Treasury Department previously said. The idea was not a big ask — at least in the eyes of the feds — because banks are already obligated to tell the IRS and account holders about much lower numbers, including a $10 threshold on accrued interest.
The proposal would exclude “wage and salary earners and federal-program beneficiaries, such that only those accruing other forms of income in opaque ways are a part of the reporting regime.” — Treasury Secretary Janet Yellen “Today’s new proposal reflects the administration’s strong belief that we should zero in on those at the top of the income scale who don’t pay the taxes they owe, while protecting American workers by setting the bank-account threshold at $10,000 and providing an exemption for wage earners like teachers and firefighters,” Treasury Secretary Janet Yellen said in a statement.
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