IRS Treasury Fact Sheet

Mark Campanale Government Relations, Government Relations Updates

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:  

Republican House Ways & Means Myths & Facts Sheet: