IRS

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.

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.

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.

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.

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.

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.

The IRS, FDIC and more than 70 banks and credit unions are urging consumers to open affordable accounts so they can receive their Economic Impact Payments quickly and safely. Many people have signed up, but millions lack accounts and will be harder to serve.

Banks have borne the brunt of the criticism from consumers still waiting for coronavirus relief funds to land in their accounts. But the industry says the lag time is the fault of the government and its antiquated payments system

The Internal Revenue Service will allow businesses that got their Paycheck Protection Program loans forgiven to write off expenses paid for with that money, shifting policy after Congress passed new legislation last month.

With lawmakers weighing changes to Bank Secrecy Act requirements, the Government Accountability Office urged the Financial Crimes Enforcement Network to establish written policies for expanding use of the agency’s database.