IRS

Treasury Secretary Janet Yellen continues to defend the Biden administration's proposed requirement for banks to report every transaction of $600 or more to the IRS, saying, "There's a lot of tax fraud and cheating that's going on."

House Speaker Nancy Pelosi expressed little concern about public opposition to Democrats' proposal to force banks to report inflows and outflow of every account with more than $600 in activity per year to the IRS.

Democrats say the reporting requirement would help the IRS crack down on fraud, Republicans say it's government snooping.

A Democrat-proposed $3.5 trillion reconciliation package will need "40 different taxes" to pay for the bill's sweeping measures, Sen. John Barrasso, R-Wyo., said.

Democrats reached a deal to narrow the scope of a plan from the Biden administration that could force banks to turn over customers' account information to the Internal Revenue Service.

A provision that would all the IRS to monitor $600 transactions is falling flat at the state level as opposition grows.

Local financial institutions have pushed customers in recent days to speak out against a Treasury Department proposal that would require the IRS to track transactions valued at $600 or more, joining Republican lawmakers who have criticized the plan.

Congressional Republicans have introduced legislation aimed at pushing back against Democrats' proposed IRS snooping

Former Kansas City Fed President Thomas tore into the "incredibly intrusive" IRS proposal that could expand the rift between the public and government institutions.

Rep. David Kustoff joins "Mornings with Maria" and slams the plan that would "essentially audit" accounts.

The IRS is close to getting all-out access to the bank accounts and transactions of everyday Americans.

Americans for Tax Reform President Grover Norquist weighed in on the long-term impacts that could come from an expansion of the IRS.

The Democrat-backed $3.5 trillion budget reconciliation bill would provide nearly $79 billion in new funding for the Internal Revenue Service – a massive investment that President Biden and others argue will help to close the “tax gap” and raise funds for the White House’s sweeping spending plan.

Banks are pushing back against a proposal from the Biden administration that could force them to turn over customers' account information to the Internal Revenue Service.

Homebuyers used a retirement loan to buy their house and ask the Credible Money Coach if they should take the tax hit instead of repaying the loan.

Designer Aurora James called her “Tax the Rich” dress for Rep. Alexandria Ocasio-Cortez a “powerful message” — but it’s not one she has taken to heart.

House Democrats unveiled a sweeping tax-hike plan this week that dramatically raises the rates paid by wealthy Americans and corporations – but the proposal could also have long-term implications for the middle class.

The Biden administration is aiming to bolster the Internal Revenue Service by adding bank account reporting requirements to Democrats' massive tax and spending bill, prompting a swift backlash from Republicans who have warned it infringes on customers' privacy.

The Biden administration defended its plan to increase funding for the IRS by nearly $80 billion, arguing in a memo to congressional Democrats the additional money could help the agency crack down on wealthy tax dodgers and recover billions in lost revenue.