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: Biden administration revises controversial proposal to have IRS monitor bank accounts more closely. Here’s how it would work.

After uproar over a proposal to have banks tell the Internal Revenue Service about their customers’ annual cash-flow information, the Biden administration and congressional Democrats unveiled a new, pared-down proposal on Tuesday.

Now the question is whether this version of the proposed reporting requirement, which would kick in at the $10,000 mark instead of covering transactions above a $600 threshold, will, if it passes, win over critics and help the IRS catch tax cheats.

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