It would have prohibited President Joe Biden’s administration from requiring financial institutions to report all transactions on accounts with a balance of more than $600.
“The IRS financial institution reporting requirement forces financial institutions to turn over detailed bank account information to the IRS based on vague and ‘flexible’ criteria, such as a $600 threshold and account inflows and outflows, which are determined by the IRS,” Crapo said in a statement.
“This time-draining burden disregards banking privacy in order to squeeze more resources out of responsible Americans and entrepreneurs,” he continued.
h/t Patriot_King
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