IRS bank-account reporting plan raises privacy, security concerns

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The reporting threshold under a proposal to require banks to report account holders’ annual cash flows to the Internal Revenue Service has been raised from $600 to $10,000, while privacy concerns are being raised, The Wall Street Journal reports. Opponents say the proposal is a surveillance overreach and would put taxpayer data at risk in the event of a breach at the IRS. “It does not matter if the amount is $1, $600 or $10,000, Americans don’t want the IRS snooping into their bank accounts,â€� U.S. Rep. Drew Ferguson, R-Ga., said.
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