IRS Asks Congress For Expanded Bank Account Monitoring

The United States Treasury sent a letter this week to lawmakers pressing for more information about taxpayer bank accounts.

The IRS believed there is massive underreporting of income taxes and wants a more accurate count to help fund some of the major relief and infrastructure plans pushed by the administration.1 Us Bank Note 47344

The Treasury is asking for banks to report annual inflows and outflows from every account with at least $600 in it.

The proposal has been immediately panned by Republicans and also many Democrats.

“In this day and age having your personal information more and more available, whether it’s the federal government or others, is not a good idea and it’s not cost effective,” said Rep. John Moolenaar, “I don’t know what problem they are trying to solve. When you look at the burden it will cost for banks and credit unions and, ultimately, it costs more money for people. It’s a huge government overreach and it should never happen.”

As of now, the expanded reporting has not been included in any packages.