Bankers and state officials express concern over IRS Proposal

JEFFERSON CITY, Mo. (KMIZ)

Missouri bankers and Missouri Treasurer Scott Fitzpatrick voiced concerns about an Internal Revenue Service (IRS) latest proposal requiring financial institutions to turn over financial account information for accounts with inflows or outflows totaling more than $10,000.

“This proposal is the Biden Administration’s latest attempt at blatant government overreach and, like so many other things coming out of Washington, D.C., will impact lower and middle-class Americans far more than the wealthy,” Treasurer Fitzpatrick said in a release.

The agency says it could raise more than $400 billion through better tax compliance with the info.

“Almost every account at every financial institution in the country would be submitted to the IRS if Congress passes this proposal,” Max Cook, president and CEO of the Missouri Bankers Association, said in a release.

Treasurer Fitzpatrick said earlier this month that if passed, he would not comply with this reporting requirement. He joined 23 other state financial officers in calling on Congress not to pass this proposal.