The Internal Revenue Service building in Washington on April 15, 2019. (Zach Gibson/Getty Images) Democrats have said they plan to raise the threshold of President Joe Biden’s radical proposal that all bank transactions of more than $600 be reported to the Internal Revenue Service (IRS).
The initial proposal ( pdf )—which Biden says is aimed at curbing tax evasion—would require banks and other financial institutions to report to the IRS any deposits or withdrawals totaling more than $600 annually to or from all business and personal accounts.
The new reporting requirement would take effect in 2022 and would apply to both […]
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