Did the Treasury Department say the IRS will monitor all bank transactions over $600?
By Dana Ford
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NO
The Treasury Department is proposing that banks be required to report gross annual inflows and gross annual outflows from all business and personal accounts, except on very small accounts. Banks would report totals, not individual transactions.
The Center for American Progress, a progressive think tank, argues that the change is needed to help the IRS spot tax evasion.
Groups like the American Bankers Association say it's unclear how the proposal would do that.
In any case, right now it's still just a proposal, and it wouldn't track individual accounts.
This fact brief is responsive to conversations such as this one.
Sources
Center for American Progress Bank Tax Reporting Is a Critical Component of Biden’s Build Back Better Agenda
American Bankers Association ABA Letter to Senate Finance and House Ways and Means Committees: Views on Tax Information Reporting Proposal
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