Letting the IRS Into Your Bank Account: Separating Fact from Fiction
The IRS reporting proposal is not the way to address the tax gap. Most Americans agree, and as more of them learn the details, we expect that number will grow.
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Broad Coalition of Business Trade Groups Pan Tax Reporting Proposal
The American Bankers Association today joined a broad coalition of business trade groups in a letter to House and Senate leaders urging them to reject a Biden administration proposal to require financial institutions to report information about gross inflows and outflows of all accounts above a de minimis threshold of $600.
Podcast: How the IRS Reporting Proposal Would Affect Banks and Customers
Citizens Bank of Edmond CEO Jill Castilla talks about the effects the Biden administration’s controversial proposal for a financial account reporting regime would have on a bank like hers.
Congress Debates Significant Tax Changes
As part of its budgetary process known as “reconciliation,” the House of Representatives has outlined a series of income tax proposals that could have a significant effect on banks and their customers.
ABA Calls for Permanent Relief from Physical Presence Requirement for Spousal Consent
The American Bankers Association and a coalition of retirement trade groups reiterated their request yesterday that the IRS make permanent its temporary relief from the physical presence requirement for spousal consent.
Debt Limit Questions Dominate House Finance Hearing on Pandemic Response
Treasury Secretary Janet Yellen called the possible consequences of breaching the debt ceiling “catastrophic” during a House Financial Services Committee hearing
Podcast: Breaking Down the Tax Reporting Proposal and Its Path in Congress
The fight on Capitol Hill over the Biden administration’s controversial tax proposal is likely to go on for another four to six weeks, and the proposal may continue to be raised after that, according to ABA EVP James Ballentine.
Yellen Keeps Up Push for IRS Reporting Proposal in Spending Bill
Treasury Secretary Janet Yellen this week called on House Ways and Means Committee Chairman Richard Neal (D-Mass.) to include in the reconciliation package the Biden administration’s controversial provision that would require financial institutions to report information to the IRS on gross inflows and outflows on customer accounts above a de minimis level of $600—a provision strongly opposed by the American Bankers Association.
Crapo, Brady Introduce Bill to Block IRS Tax Reporting Changes
Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) and House Ways and Means Committee Ranking Member Kevin Brady (R-Texas) today introduced the Tax Gap Reform and Internal Revenue Service Enforcement Act, a bill that would, among other things, block the IRS from establishing new bank reporting requirements.
GOP Lawmakers Raise Concerns about Tax Reporting Provision
A group of 141 Republican lawmakers led by Rep. Tom Emmer (R-Minn.) today wrote to congressional leaders, Treasury Secretary Janet Yellen and Internal Revenue Service Commissioner Charles Rettig to express concern over a controversial proposal to expand mandatory IRS reporting on bank account transactions.