Welcome

Democrats Make Last-Ditch Bid to Save IRS Bank-Account Plan (1)

Oct. 27, 2021, 9:13 PM

Democratic negotiators are making a last-ditch effort to win backing for some form of President Joe Biden’s proposal to require banks to report some account flows to the IRS, in the face of opposition from lawmakers including Senator Joe Manchin.

The Senate Finance Committee had been working on a plan to require that banks disclose accounts with $10,000 of aggregate deposits or outflows over a year to the Internal Revenue Service, a move that could help the agency identify tax cheats. That would yield revenue to help pay for Biden’s sweeping social-spending bill.

Negotiators are now looking at ...

To read the full article log in.

Learn more about a Bloomberg Tax subscription.