Biden Administration proposing sweeping expansion of tax information reporting

The Biden Administration is proposing a sweeping expansion of tax information reporting aimed at raising revenue to offset the cost of additional spending programs in the American Family’s Plan. If enacted it would require banks to report to the IRS detailed information on the inflows and outflows of every customer account above $600.00.

Congress is expected to vote on this new proposal in the coming days. If you oppose it, contact your lawmakers now by typing the link below in your browser provided by the American Bankers Association: aba.social/Contact Congress!

(Look for the ad provided by Solutions North Bank in this week’s edition.)