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Yellen, IRS Push Democrats to Require Banks to Report Annual Account Flows

Treasury Secretary Janet Yellen and IRS Commissioner Charles Rettig pressed lawmakers Wednesday to present the Inside Income Service extra details about taxpayers’ financial institution accounts, because the Biden administration tries to salvage its struggling tax-compliance proposal.

In letters to lawmakers, the administration officers once more requested Congress to require banks to report annual inflows and outflows from financial institution accounts with not less than $600 or not less than $600 value of transactions, a proposal geared toward letting the IRS goal its audits extra successfully. It might generate about $460 billion over a decade to cowl the prices of Democrats’ deliberate growth of the social security web and climate-change insurance policies, in response to the administration.



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