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

yellen irs push democrats to require banks to report annual account flows

Sumary of 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 give the Internal Revenue Service more information about taxpayers’ bank accounts, as the Biden administration tries to salvage its struggling tax-compliance proposal.
  • In letters to lawmakers, the administration officials again asked Congress to require banks to report annual inflows and outflows from bank accounts with at least $600 or at least $600 worth of transactions, a proposal aimed at letting the IRS target its audits more effectively.

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