Oppose broad bank account reporting to the IRS
What the document says“This massive increase in the scope and breadth of information reporting should be unequivocally opposed.”
The proposal in question would require reporting on business and personal accounts with more than $600, with banks collecting taxpayer identification numbers and filing a revised form for all affected payees.
What the document actually says“This massive increase in the scope and breadth of information reporting should be unequivocally opposed.”
One plan would report far more bank accounts. The book says fight it flat out.
A plan would have banks report many more accounts to the tax office. It would start at $600. The book is firmly against it.
Read against the documents indexed here on August 26, 2026, and nothing was found that answers this. The reporting requirement the chapter opposes, covering accounts holding more than $600, was a proposal that was never enacted, so there is nothing in the record repealing it and nothing enacting it. None of the candidates concerns information reporting at all: rule-2026-06947 bars bank regulators from using reputation risk against a customer, and rule-2025-15350 is a sanctions general license. The nearest thing in the record is PL 119-5, which disapproves an Internal Revenue Service rule on gross proceeds reporting by digital asset brokers, a different and much narrower reporting rule. That is a record of a search, not a finding that nothing has happened: an act this site does not hold, or one that answers the proposal in words unlike its own, would not be caught by it.