American Families Plan requires bank transactions of over $600 be reported to the IRS

PIERRE, S.D.(WNAX)- A part of the “American Families Plan” proposed by the Biden Administration would include a provision that all bank transactions of six hundred dollars or more be reported to the IRS.

Karl Adam, President of the South Dakota Bankers Association, says that has them mobilizing.

Adam says they will be lobbying the states Congressional delegation.

Adam says it would add to the reporting banks already do to the IRS.

All the details of the plan are still being debated in Congress with the outcome still very much in doubt.