1、CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTINSIGHTi i The Proposed IRS Bank Reporting Requirement: Frequently Asked Questions Updated October 20, 2021 A proposal to require financial institutions to report information to the Internal Revenue Service (IRS) on personal and busi
2、ness accounts has garnered significant publicity and congressional attention. The proposal is commonly referenced as the “new IRS bank reporting requirement.” This Insight addresses a number of frequently asked questions about the proposal. What is the proposal and where did it come from? The propos
3、al referenced in media reports was originally included in the Presidents FY2022 budget request and is described as being part of a “comprehensive” financial account information reporting regime. The General Explanations of the Administrations Fiscal Year 2022 Revenue Proposals, which accompanies the
4、 Presidents budget request, states that Financial institutions would report data on financial accounts in an information return. The annual return will report gross inflows and outflows with a breakdown for physical cash, transactions with a foreign account, and transfers to and from another account
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