The proposal would mandate that financial institutions report information on gross inflows and outflows of all customer accounts above a de minimis level of $10,000 to the IRS.
ABA last week submitted recommendations to the Internal Revenue Service on tax issues that are in need of interpretive guidance for the upcoming fiscal year.
ABA this week raised concerns about the Internal Revenue Service’s proposed required minimum distribution rule for retirement plans and IRAs, implementing Sections 114 and 401 of the bipartisan Secure Act of 2019.
The Internal Revenue Service today released updated contribution limits—adjusted for inflation—for health savings accounts for 2023.
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.
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.
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.
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.
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.
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.