Privacy concerns prompt lawmakers’ calls to stop IRS bank-account reporting plan

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A group of 21 Democratic U.S. representatives are calling for a proposal requiring banks to report individual cash flows over $10,000 to the Internal Revenue Service annually to be removed from the budget reconciliation bill, The Hill reports. “While the intent of this proposal is to ensure all taxpayers meet their obligations — a goal we strongly share — the data that would be turned over to the IRS is overly broad and raises significant privacy concerns,� the lawmakers said in a letter to House leadership.
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