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Biden Wants Banks to Report Account Flows to IRS to Aid Tax Take

April 28, 2021, 5:02 PM

President Joe Biden’s American Families Plan is seeking to increase the IRS’s visibility into the financial accounts of high-income taxpayers including owners of small businesses, according to a fact sheet from the Treasury Department.

  • The plan would require financial institutions to report aggregate account outflows and inflows into the accounts to the IRS, document says
  • This reporting would help the IRS gain visibility into the incomes of partnership investors and sole-proprietors where as much as 55% of taxes owed go unpaid, Treasury says
  • “Providing the IRS this information will help improve audit selection so it can better target its ...

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