Aiming For Improving Tax Fairness
The Biden Administration and the Treasury Department have unveiled a proposal to improve tax fairness and compliance. The proposal seeks to enhance tax reporting by authorizing the IRS to require financial institutions to report two additional items of information on its customers: the total amount of funds deposited into the account and the total amount withdrawn over the course of a year. John and Elliot discuss the implications of the proposal and its possible impact on financial service company’s compliance activities.