IRS

The agency plans to restrict access to a system that provides borrower tax returns to mortgage lenders beginning June 30. Left out of the loop, small-business lenders say getting credit to borrowers will become more difficult as a result.

The Justice Department is investigating whether Credit Suisse Group continued to help U.S. clients hide assets from authorities, eight years after the bank paid a $2.6 billion tax-evasion settlement and pledged to tackle the issue. 

The Biden administration is poised to specify which cryptocurrency firms will be forced to report reams of customer data to the Internal Revenue Service, said people familiar with the matter.

Fearing government intrusion, financial institutions’ own clients rallied against the Biden administration plan for their account information to be shared with the IRS. Their involvement added weight to the industry’s opposition.

A proposal that would enlist financial institutions’ help in raising tax revenue to pay for President Biden’s social policy agenda lost steam after objections from a key senator. The administration was said to be narrowing the plan’s scope to preserve its chances.

Sen. Joe Manchin of West Virginia, a swing Democratic vote in deliberations over President Biden's social spending bill, signaled opposition to requiring financial institutions to report customer account information to help catch tax evaders. The measure "is going to be gone," he predicted.

In their first direct appeal to President Biden, financial institutions and other industries' trade lobbies called on the administration to abandon its proposal that would give the Internal Revenue Service new information on customer accounts.

Democrats proposed raising the account threshold and exempting certain transactions from a measure enlisting financial institutions’ help in catching tax cheats. But opponents say the changes are insufficient and centrist lawmakers — whose support is crucial to enact the plan — were mum.