Prohibiting New IRS Bank Account Reporting Requirements
This act aims to protect citizens' financial privacy by prohibiting the IRS from introducing new requirements for reporting detailed bank account deposits and withdrawals. This means banks will not have to provide the IRS with additional transaction information beyond what is already required by current laws. Your financial data will remain more private as a result.
Key points
Banks will not be required to report new, detailed bank account deposit and withdrawal data to the IRS.
Citizens' financial privacy will be strengthened by limiting IRS access to transaction information.
Existing financial data reporting rules remain unchanged.
Status:
Expired
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