As part of its Fiscal Year 2022 Revenue Proposals, the Internal Revenue Service (IRS) has asked Congress to authorize a sweeping new financial reporting program that would collect information on every U.S. bank, investment, and loan account, both business and personal, with a balance or annual transactions of $600 or greater. No such mandate has previously existed.

The House Ways and Means Committee is now considering whether to include the mandate in President Biden’s $3.5 trillion Build Back Better Agenda. If enacted, the massive data collection effort would begin in 2023.