Here are some excerpts:
A proposed tax reform from the Biden administration would require financial institutions to send the Internal Revenue Service more information about many Americans’ bank accounts
the Biden administration proposal would require financial institutions to report more information on the total inflows and outflows of bank accounts.
In a letter to House Ways and Means Committee Chairman Richard Neal (D-Mass.), Yellen emphasized the importance of the measure.
“As you consider specific policy choices in designing an information reporting regime, it is important to ensure that the reporting regime is sufficiently comprehensive, so that tax evaders are not able to structure financial accounts to avoid it,” Yellen wrote. “Any suggestion that instead this reporting regime will be used to target enforcement efforts on ordinary Americans is wholly misguided.”
It’s not yet clear what the ultimate proposal may look like, but in written testimony from June 8, IRS Commissioner Charles P. Rettig described a reporting regimen that would require gross, annual inflows and outflows from “all business and personal accounts from financial institutions, including bank, loan, and investment accounts” containing at least $600.