Missouri State Treasurer Announces He Won’t Comply With Biden IRS Proposals

 

Missouri State Treasurer Scott Fitzpatrick recently announced that should proposals pass requiring financial institutions to turn over private citizens’ personal bank account information to the Internal Revenue Service (IRS) if they exceed $600 of inflows or outflows from the account, he will not comply. The Biden Administration proposal would make comprehensive financial account information reporting system under which financial institutions would be required to report information on accounts with inflows and outflows that are more than $600. This requirement would apply to over 100 million Americans with bank accounts. The records sought under this proposal are confidential under Missouri State Law for MOST and MO ABLE participants and cannot be disclosed. In September, the Treasurer joined a coalition of 24 state financial officers, including Kentucky’s treasurer and auditor, opposing this Biden Administration proposal.

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