Senate Dems to propose narrowing scope of IRS reporting rule amid backlash

Posted on AllSides October 19th, 2021
From The Center

Senate Democrats on Tuesday are expected to roll out an IRS enforcement proposal that is narrower in scope than a version unveiled earlier this year by the Biden administration, following criticism from Republicans and banking groups.

The Biden administration had proposed requiring financial institutions to report more information about bank accounts to the IRS, in cases where the accounts had more than $600 in withdrawals and deposits in a year. Senate Democrats are planning to increase that threshold to $10,000 and exempt wage income, a Democratic aide told The Hill.

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https://thehill.com/policy/finance/577300-senate-dems-to-propose-narrowing-scope-of-irs-reporting-rule-amid-backlash

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