Dems Float Raising IRS Bank Reporting Threshold To $10K
By Stephen Cooper (October 19, 2021, 8:00 PM EDT) -- Bowing to pressure from Republican lawmakers and business advocates, congressional Democrats on Tuesday loosened their proposal to require banks to file annual tax information returns with customer account data, raising the reporting threshold to transactions valued at more than $10,000.
Senate Finance Committee Chairman Ron Wyden, D-Ore., said the updated proposal increases the reporting threshold to $10,000. The IRS would not receive details on large bank transactions, just the total going in and out. (AP Photo/Andrew Harnik) Senate Finance Committee Chair Ron Wyden, D-Ore., said the new proposal, which Democrats plan to include in the Build Back Better Act this month,...
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