Plan would use electronic bank records to help collect on tax debts
This is a growing trend. Click here for complete article.
Minnesota tax collectors want to enlist banks — and their electronic records — in their search for the assets of tax cheats.
The state Revenue Department is pushing a plan to collect an extra $10 million a year in outstanding taxes by making banks, credit unions, life insurance companies and money market mutual funds scan their records regularly and pass on data on tax debtors so the state can get its money.
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