Tax

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.

Some Senate Democrats are mulling a revised proposal that would require banks and credit unions to report account data tied only to business, not personal, income. Despite the change and attempts to minimize compliance costs, industry officials remain opposed.

U.S. legislation designed to protect trillions of dollars of assets from chaos when global regulators phase out the interest-rate benchmark Libor is being held up in the House, over a dispute involving tax-related language, according to lawmakers and congressional aides.

A bipartisan team of U.S. senators is introducing a bill to narrow some cryptocurrency tax reporting rules that were laid out in the infrastructure legislation that’s set to become law on Monday.

Twenty-one centrist Democratic lawmakers raised concerns about the provision, which banks have fought to keep out of the social policy package. Meanwhile, the White House made no explicit mention of it in a draft summary of the bill.

The levy targets large financial institutions as a source of revenue. Industry groups argued that it discriminates against out-of-state banks, but the Washington Supreme Court disagreed.

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.

JPMorgan Chase settled a longstanding French criminal investigation over allegations it helped clients commit tax fraud for 25 million euros ($29.6 million).

Infrastructure will command most of lawmakers’ attention, but expect banks to keep pushing for bills that would ease the transition away from a key benchmark rate and help them serve legal cannabis businesses.

Financial services companies are set to be exempt from a global plan to make multinational firms pay more tax to the countries where they operate, in a win for U.K. Chancellor of the Exchequer Rishi Sunak.

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.

Bank lobbyists are once again calling on Congress to reexamine credit unions’ tax-exempt status, this time citing the proliferation of bank acquisitions by credit unions. So far, their pleas have gone largely ignored.

The president had campaigned on a 28% corporate tax rate — threatening to undo much of the Trump-era cuts — and banks were seen as more vulnerable than other industries. But the administration appears open to a lower rate as part of broader legislative talks.

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.

A proposal still in the early stages to have banks report on customers’ account activity to help the government nab tax evaders is being panned by the industry as overly burdensome and a privacy threat.

The deal should allow the prepaid card issuer to expand its footprint in a business it entered seven years ago.

Loans and tax-subsidized investments by financial institutions have helped fund food markets and pantries in low-income communities. But there is still more work to do to close the grocery gap.

Bankers say the federal tax exemption for credit unions costs U.S. taxpayers $2 billion each year. But eliminating it would prevent the not-for-profit financial institutions from channeling their savings into higher rates and lower fees that stimulate commerce — and generate additional tax income.

Heritage Southeast Bank in Georgia will become the latest community bank to stop paying federal taxes when it merges into VyStar Credit Union later this year. It's time for Congress to investigate this consolidation trend and its impact on taxpayers.

Six years after unloading its bank unit, the tax preparation chain wants to diversify by launching a digital account targeting low- and moderate-income households. How will it differentiate itself from upstarts like Chime, Varo and Green Dot?