IRS Bank Reporting: White House Abandons Plan for Now

The prospect of IRS invasion into every area of your private life is not new — and it’s not going away, no matter who sits in the White House.


n the latest round of spending negotiations, it appears as if the White House has abandoned the wildly invasive plan to require banks, credit unions, and other financial institutions to report account data to the Internal Revenue Service on an annual basis. Recall that tucked into the House’s reconciliation bill was this provision, which would have required all financial institutions to file an annual report to the IRS on all accounts with “gross flows” of $600 or more per year. That is, if the total of your account’s in-and-out transactions equaled at least $600, the activity would be reported to

Daniel J. Pilla 2021-11-02 07:02:12

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