WASHINGTON—Democrats are trying to salvage the Biden administration’s proposal to expand annual bank-account reporting to the Internal Revenue Service, fighting uphill against mounting opposition from the financial-services industry and Republicans.
Sens. Ron Wyden (D., Ore.) and Elizabeth Warren (D., Mass.) will detail an updated version of the tax-compliance plan on Tuesday that will include a $10,000 annual threshold before reports are required, according to prepared remarks from Mr. Wyden. That is an increase from the administration’s broader floor, which would include accounts with at least $600 in inflows, outflows or transactions.
