![]() ![]() ![]() "The proposal would create a significant burden on small businesses and community banks and add no discernible value to tax enforcement," the group said in a Sept. The American Bankers Association opposes the measure. And while it would feed more financial data to the IRS, it does not call for IRS audits of virtually all financial transactions. For now, the proposal to tighten bank disclosure requirements is just that - a proposal. The Treasury Department has made no such declaration. (Read more about our partnership with Facebook.) The Instagram post was flagged as part of Facebook’s efforts to combat false news and misinformation on its News Feed. The Infowars article under that headline goes on to make a more far-reaching claim: that the IRS will "audit virtually all financial transactions of Americans with bank accounts holding at least $600." Similar claims have been made on other social media. Declares IRS Will Monitor Transactions of ALL U.S. The proposal, however, would affect more than just rich people, with disclosure requirements that cover the vast majority of bank, loan and investment accounts.Įven so, a headline widely shared on Instagram from InfoWars, the conspiracy-oriented website run by Alex Jones, contains only an element of truth. The stated goal is to collect taxes from rich individuals and businesses on income that is earned but not reported. If a Biden administration proposal now being considered is adopted, financial institutions would be required to report more information on the accounts of everyday Americans to the IRS.
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