Written by Government Relations, Government Relations Updates

IRS Treasury Fact Sheet

What is the latest DC discussion on the Administration/Treasury/IRS modified proposal to receive information on your bank transactions? 

  • Treasury Department 10/19/2021 press release refers to “financial institutions and banks” only having to add two additional numbers to what they already report. (see link) 
  • Revisions include raising the reporting threshold from $600 to $10,000 and exempting certain wages and federal benefits. 
  • Republicans on Ways & Means oppose surveillance (see link) 
  • NPA is still watching for clarity as to whether pawnbrokers will be required to comply under any additional reporting requirement.   

Treasury Fact Sheet:  https://home.treasury.gov/news/press-releases/jy0415  

Republican House Ways & Means Myths & Facts Sheet: https://gop-waysandmeans.house.gov/wp-content/uploads/2021/10/211020-Myth-Fact-IRS-Bank-Surveillance.pdf                  

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