The Tennessee Conservative [By Jason Vaughn] –
A recent proposal from the Biden Administration aims to heighten IRS oversight of the wealthy, but also seeks to enforce a requirement on banks and financial institutions to report their customer’s yearly gross inflow and outflow from their personal accounts.
However, the Biden Administration has failed to convince the Tennessee Banking Association to buy into the new proposal.
As reported by WRCBtv, Tennessee Banking Association’s CEO Collin Barrett said, “There’s a united concern about reporting customer’s private transactions to the federal government.”
TBA represents all banks in Tennessee, as well as thrift institutions and trust companies.
Barrett said, “A concern that we’ve got is related to privacy, it’s related to data security. The IRS has a bad track record for data security.”
In the interview with WRCBtv, Barrett went on to say that, “We have a large number of Tennesseans who don’t have bank accounts and if you know that your information is going to be reported to the federal government, it makes you less likely to want to open an account.”
According to Barrett, Biden’s proposal will require reporting by banks and financial institutions of any account that in valued at least $600.
HHM CPA’s Senior Manager, Chad Goodman said, “Obviously their purpose of doing that is to try and track people’s taxable income and make sure that people are reporting all the income that’s coming into their bank accounts.”
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Biden issued the proposal in response to research that indicated tax evasion by top earners in America. Janet Yellen, Secretary of the Treasury, estimated that $7 trillion in taxes has not been collected over the last decade.
The bank reporting proposal is currently being debated in the U.S. House Ways and Means Committee but is not included in the committee’s draft legislation because Congressional members are still working out the details.
However, Barrett said that it would most likely be incorporated later as the legislation moves through the committee process.
About the Author: Jason Vaughn, Media Coordinator for The Tennessee Conservative ~ Jason previously worked for a legacy publishing company based in Crossville, TN in a variety of roles through his career. Most recently, he served as Deputy Directory for their flagship publication. Prior, he was a freelance journalist writing articles that appeared in the Herald Citizen, the Crossville Chronicle and The Oracle among others. He graduated from Tennessee Technological University with a Bachelor’s in English-Journalism, with minors in Broadcast Journalism and History. Contact Jason at news@TennesseeConservativeNews.com