Banks would have to give IRS data on accounts with more than $600 under proposal to catch tax cheats

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As Congress negotiates the details of the reconciliation bill, a big question is how to pay for all the new spending. One proposal would give the IRS a better chance to track down tax cheats. It would require banks to report to the IRS all accounts with a balance of $600 or more or that have $600 or more in transactions. The IRS would then be able to compare the bank account information to the information on tax returns to see if there may be unreported income. The banks would not report the details on individual transactions — like whether you went to Wawa or the liquor store, booked a massag…

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