- September 24, 2021
- Posted by: Stratford Team
- Category: Business
Florida Bankers Association CEO Alex Sanchez on the IRS looking to get more information and data about Americans’ financial activities from banks.
Banks are pushing back against a proposal from the Biden administration that could force them to turn over customers’ account information to the Internal Revenue Service.
Under the plan, banks and other financial institutions would be required to annually report customers’ account inflows and outflows of $600 or more to the IRS. The White House has estimated the policy, which would apply to bank, loan and investment accounts, could generate about $463 billion in additional revenue over the next decade.
The measure, if Congress approves it to fund Biden’s sweeping $3.5 trillion family and climate change plan, would give the IRS an enormous amount of new information that it would have to learn how to manage and use.
Banks banks say the plan would increase compliance costs and add to the already existing…