Democrats Agree to Narrow Biden Plan Giving IRS Bank Data (1)

Sept. 23, 2021, 10:52 PM

Democrats have reached a deal to narrow President Joe Biden’s plan to require financial institutions to report account flows to the Internal Revenue Service in a bid to improve tax compliance, according to a key House Democrat.

House Ways and Means Chairman Richard Neal said he and other Democratic leaders are planning to set a threshold higher than the $600 proposed by the Biden administration that would trigger a bank to report total account inflows and outflows to the tax collection agency.

“We’ve reached an agreement to not have the $600,” Neal said Thursday, adding that other details are ...

To read the full article log in. To learn more about a subscription click here.