Biden Bank Reporting Plan Seeks to Expose Tax Evaders for Audits

The IRS would get access to more data to improve how it selects potential tax evaders for audit under President Joe Biden’s plan to impose a new reporting requirement on financial institutions, such as banks.

Biden’s American Families Plan would require banks and other financial institutions to add information on aggregate account outflows and inflows to their annual reports to the IRS, the Treasury Department said in a news release Wednesday outlining the tax compliance components of the plan. The department said the extra information would “help improve audit selection so it can better target its enforcement activity on the ...