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.-- More...
