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A House member suggested she and other party moderates are open to revamping or even scrapping a plan that would require banks to report customer account information to the Internal Revenue Service.
October 18 -
Banks and other stakeholders are trying to stop a proposal requiring financial institutions to submit more account data, but the Biden administration says opponents of the measure are spreading the false notion that it would reveal information about specific transactions.
October 14 -
The financial sector had been outraged over a Senate proposal requiring data submissions for accounts with at least $600 of inflows and outflows. House leaders are aiming to raise that threshold to broaden support, but industry groups say they still oppose the idea.
September 24 -
Requiring financial firms to report customer account data to the IRS as a means of catching tax cheats would be intrusive and costly, industry officials say. Backers of the measure say those claims are exaggerated.
September 19 -
Treasury Secretary Janet Yellen lobbied the chairman of the Ways and Means Committee on the measure requiring bank-provided customer data to help crack down on tax cheats and pay for the $3.5 trillion spending plan.
September 15 -
Congress is considering whether to fund Biden administration spending priorities by forcing tax evaders to pay what they owe. Banks are intensifying efforts to kill a related provision requiring them to share more account data with the Internal Revenue Service.
September 8 -
The IRS and Justice Department waged a successful campaign to crack down on UBS and other Swiss banks for facilitating tax evasion. Coinbase, Kraken and other crypto exchanges should take note.
August 23Fox Rothschild LLP -
The Biden administration wants financial institutions to tell the government more about their customers to help the IRS thwart wealthy tax evaders. But critics say the plan could threaten account data security and the privacy of even low-income consumers.
June 17 -
A Biden administration initiative to crack down on wealthy taxpayers hiding pass-through income would require financial institutions to send account flow data to the IRS.
May 20 -
Binance Holdings Ltd. is under investigation by the Justice Department and IRS, ensnaring the world’s biggest cryptocurrency exchange in U.S. efforts to root out illicit activity that’s thrived in the red-hot but mostly unregulated market.
May 13