HILL TAX BRIEFING: Democrats Exploring Bank Reporting Exemptions

Democratic negotiators continue to work behind the scenes to reach consensus on the tax portions of a massive economic package, as President Joe Biden and congressional leadership work to iron out big picture differences.

Lawmakers are exploring ways to design new bank reporting requirements, discussing exemptions for some common transactions and a higher threshold at which the rules would kick in. The reporting rules are viewed as a way to get the IRS more data to crack down on tax evasion.

The White House’s original proposal, which included a $600 reporting threshold, has been criticized by the banking industry ...