This past May, the Department of Treasury issued their General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposalswhich contained new Biden Administration policy proposals aimed at furthering Biden’s tax--spend-inflate agenda. While excessive spending and an ongoing tug-of-war over the tax code has become routine, one Internal Revenue Service reporting proposal was truly jaw-dropping.
Treasury’s proposed comprehensive financial account information reporting regime may sound benign, but this proposal would mandate financial institutions report gross inflows and outflows over merely $600 (not a typo) to the IRS. These reports would contain a breakdown of physical cash, transactions with a foreign account, and transfers to and from another account with the same owner. Further, this reporting mandate would apply to all business and personal accounts held at these financial institutions.
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