IRS updates contribution limits for HSAs
The Internal Revenue Service today released updated contribution limits—adjusted for inflation—for health savings accounts for 2023.
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ABA, Trade Groups Call for Withdrawal of Foreign Tax Credit Regulations
The American Bankers Association joined with a broad-based group of trade associations in a letter expressing strong concerns on final foreign tax credit regulations that were issued by the U.S. Treasury Department and the Internal Revenue Service in January.
IRS Releases Final Regs on Tax Implications of Post-Libor Modifications
Shortly before the cessation of two U.S. dollar Libor tenors on Dec. 31, the IRS last week issued final regulations on the tax consequences of the transition away from Libor.
Report: IRS Reporting Provision Omitted from House Budget Bill
With bipartisan opposition growing for a controversial proposal that would require financial institutions to report information on gross inflows and outflows on all customer accounts above a certain de minimis level, House Democrats have reportedly omitted the provision from their current draft of the budget resolution.
21 House Democrats Call for IRS Reporting Proposal to be Cut from Spending Bill
A group of 21 Democratic representatives wrote to House leadership today calling for the removal of the Biden administration’s controversial proposal for financial institutions to report information on gross inflows and outflows on all accounts above a certain de minimis threshold.
House Financial Services Committee Members Call for Tax Reporting Proposal Hearing
Members of the House Financial Services Committee today called for a hearing to discuss controversial tax proposal requiring banks to report information on gross inflows and outflows of customer accounts to the IRS.
Edwards: IRS Reporting Proposal Could Damage Trust in Banks; Manchin Also Opposes
A controversial Biden administration proposal that would require financial institutions to report information on gross inflows and outflows of all customer accounts above a certain de minimis threshold could “fracture trust” that banks have built with their customers, former ABA Chairman Jim Edwards told Republican members of Congress during a meeting today.
ABA, Trade Groups Reiterate Opposition to Tax Reporting Proposal
A broad coalition of 99 trade groups representing various industries—including the American Bankers Association—today wrote to President Biden urging him to withdraw a controversial proposal that would require financial institutions to report information to the Internal Revenue Service on gross inflows and outflows for accounts above a specified de minimis threshold.
Sen. Scott Introduces Bill to Block IRS Reporting Proposal
Sen. Tim Scott (R-S.C.) today introduced a bill that would block the Internal Revenue Service from creating new requirements for financial institutions to report gross inflows or outflows or any other transaction-level information on customer accounts.
Rep. Crist Opposes IRS Reporting Proposal
Rep. Charlie Crist (D-Fla.) today announced that he opposes the Biden administration’s controversial IRS data reporting proposal—becoming the first Democrat to push back publicly on the ABA-opposed measure that congressional leaders continue to push via the budget reconciliation process.