This proposal would create a comprehensive financial account information reporting regime.
Financial institutions would report data on financial accounts in an information return. The
annual return will report gross inflows and outflows with a breakdown for physical cash,
transactions with a foreign account, and transfers to and from another account with the same
owner. This requirement would apply to all business and personal accounts from financial
institutions, including bank, loan, and investment accounts,2 with the exception of accounts
below a low de minimis gross flow threshold of $600 or fair market value of $600.
