Illinois Bankers Association

Illinois Bankers Association

Grassroots: Bankers Push Back Against IRS Reporting Proposal

Earlier this year, the Biden administration proposed plans requiring banks to report to the IRS all gross inflows and outflows on financial accounts above $600. As this proposal makes its way through Congress, bankers continue to express concerns. The proposal, if adopted, would give the IRS more access to Americans’ bank accounts and sensitive financial information and would be a significant operational undertaking. Bankers concerned about this proposal may express concerns here.

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