IRS wants your bank activity info

Lazaro Aleman ECB Publishing, Inc. The financial services sector is raising the alarm about a proposal that Congress is expected to begin considering soon that would require banks and other financial institutions to report information on account flows to the Internal Revenue Services (IRS). The provision proposing the new tax reporting requirements by banks is contained in the Biden Administration’s $3.5 trillion budget proposal for 2022. While acknowledging the IRS’s obligation to ens