Congressman Van Drew Statement on the Biden Administration Backtracking on the $600 Reporting Requirement to the IRS
The Biden Administration, following pushback from the American people and Congress, announced that they are abandoning their proposal that would require banks to report inflows and outflows totaling more than $600 a year. The administration's revised proposal would require banks to report accounts to the Internal Revenue Service (IRS) that exceed $10,000 in inflows and outflows…