Prohibiting New IRS Bank Account Reporting Requirements
This bill aims to prevent the Internal Revenue Service (IRS) from implementing new requirements for banks to report deposits and withdrawals from bank accounts. This means banks will not have to provide the IRS with detailed data on money flows in citizens' accounts, beyond what was already required before January 1, 2023. As a result, citizens can feel more secure that their financial privacy is protected from excessive government surveillance.
Key points
The IRS cannot introduce new rules requiring banks to report bank account deposits and withdrawals.
Banks will only report data legally required before January 1, 2023, protecting citizens' financial privacy.
Status:
Expired
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