: Biden administration revises controversial proposal to have IRS monitor bank accounts more closely. Here’s how it would work.


After uproar over a proposal to have banks tell the Internal Revenue Service about their customers’ annual cash-flow information, the Biden administration and congressional Democrats unveiled a new, pared-down proposal on Tuesday.

Now the question is whether this version of the proposed reporting requirement, which would kick in at the $10,000 mark instead of covering transactions above a $600 threshold, will, if it passes, win over critics and help the IRS catch tax cheats.


The Margin: Here’s why people might hate billionaires, but still love Jeff Bezos or Elon Musk

Previous article

NewsWatch: Netflix earnings, subscribers get a ‘Squid Game’ bounce, but forecast is tamer

Next article

You may also like


Leave a reply

Your email address will not be published. Required fields are marked *

More in News