Could Legislation Give the IRS the Power to Track Transactions on Any Bank Account With More Than $600?

Posted on AllSides October 11th, 2021
From The Center
(Photograph by Chip Somodevilla/Getty Images.)

A number of viral social media posts have claimed that Congress is attempting to pass a bill that would give the Internal Revenue Service the power to track all financial transactions coming to and from bank accounts with more than $600. 

The claim is largely accurate: A proposal from the Treasury Department suggests “a comprehensive financial account information reporting regime” to crack down on tax evasion, and would require banks to report the gross inflows and outflows of all accounts for which the total cash flow exceeds $600. In other words, it does not matter if the...

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