“My constituents cannot believe that you support a proposal to require banks and credit unions to report customer data to the [IRS] for transactions of $600 or more.” the Wyoming Republican tells Yellen,..
SOURCE: Sen. Cynthia Lummis Grills Treasury Secretary Yellen About Privacy Fears Over ‘Unconscionable’ IRS Bank Proposal
Proposed U.S. rule would force reporting of all accounts of $600 or more
Banks call IRS reporting plan a compliance and privacy nightmare. Is it?
“Biden’s Treasury Department declares IRS will monitor” all accounts over $600.