IRS

Giving the IRS more power to monitor customer bank accounts is not only a privacy violation but could raise costs for millions.

Millions of parents across the U.S. can expect to receive some extra cash this week, when the IRS will start distributing the fourth round of payments from the newly expanded child tax credit.

The Treasury Department on Thursday defended an incendiary proposal from President Biden to crack down on wealthy tax evaders by requiring banks to report more customer information on most Americans' accounts to the Internal Revenue Service.

The Biden administration has laid out a deeply controversial plan to crack down on wealthy tax evaders by giving the Internal Revenue Service additional scrutiny over most Americans' bank accounts.

Republicans say the treasury secretary's comments about the proposed IRS reporting requirement are technically correct but miss the point.

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.