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CRS INSIGHT Prepared for Members and Committees of Congress INSIGHTi 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 business 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 proposal referenced in media reports was originally included in the President’s FY2022 budget request and is described as being part of a “comprehensive” financial account information reporting regime. The General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals, which accompanies the President’s budget request, states that Financial institutions would report data on financial accounts in ...