Biden Tax Plan Leans on Banks to Help Find Unreported Income

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By Orla McCaffrey and Richard 

Part of the funding for President Biden’s $1.8 trillion American Families Plan hinges on a beefed-up reporting requirement for banks designed to identify unreported income. The proposal would require banks to report annual account inflows and outflows to the Internal Revenue Service. The requirement would also extend to peer-to-peer payment services such as Venmo but wouldn’t require individuals and businesses to report any additional information to the government, according to people familiar with the plan. Financial institutions already must report interest, dividend and investment income, and the IRS can get bank information during audits. 

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By Orla McCaffrey and Richard Rubin, posted on Thursday April 29, 2021
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