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. 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. 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.
A group of 202 House Republican lawmakers, led by Rep. Tom Emmer (R-Minn.), wrote to Treasury Secretary Janet Yellen today urging the administration and Democratic lawmakers to abandon a controversial proposal that would require financial institutions to report information on gross inflows and outflows to the Internal Revenue Service for all accounts above a certain de minimis threshold.
In a letter to Treasury Secretary Janet Yellen today, Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) called for more details on the updated information reporting proposal that was announced yesterday.
The Biden administration today endorsed raising the de minimis threshold for its controversial IRS reporting proposal from $600 to $10,000.
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.
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.
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.
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.