Project 2025 Tracker / What’s done, what’s next

22. Department of the Treasury · Notable

Oppose the comprehensive financial account information reporting regime

Partially done

699 22. Department of the Treasury

“For example, it has proposed creating a comprehensive financial account information reporting regime that would apply to all business and personal accounts with more than $600. … This massive increase in the scope and breadth of information reporting should be unequivocally opposed.”

What has happened

  1. Partially done

    Public Law 119-21 rolled back the $600 information-reporting thresholds. Section 70432 repealed the American Rescue Plan's $600 third-party network reporting rule and reinstated the prior $20,000-and-200-transactions exception in section 6050W(e), retroactively; section 70433 raised the general section 6041 information-reporting threshold from $600 to $2,000. The comprehensive financial account reporting regime the Quote names — reporting on every business and personal account above $600 — was a 2021 Treasury proposal that was never enacted and no version of it has been proposed inside the evidence window, so there is no regime to withdraw.

  2. Partially done

    Congress struck down one expansion of financial information reporting and barred its return. Public Law 119-5, a Congressional Review Act joint resolution signed April 10, 2025, disapproved the IRS rule "Gross Proceeds Reporting by Brokers That Regularly Provide Services Effectuating Digital Asset Sales", which would have made front-end digital-asset service providers file information returns; under 5 U.S.C. 801(b)(2) the IRS may not issue a substantially similar rule.

Research log

What was searched, and what didn’t count as evidence

Research notes

Leveled partial, not done: the specific instrument the Quote objects to never existed, so the ask reduces to the general demand that expanded information reporting be opposed, and two enacted laws did oppose it in part. It is not done because the information-reporting regime as a whole stands and Form 1099 reporting continues to expand in other areas.

The same two sections of Public Law 119-21 are also the delivery on #1960 (review the information reporting regime and reduce its burden). They are cited under both because the asks differ: this one is about opposing a proposed expansion, #1960 is about reducing the existing burden.

Action
withdraw
Object
comprehensive financial account information reporting regime
ID
1945