Browsing: IRS

Newsbytes

As the House considers the Biden administration’s social spending bill, the American Bankers Association and 51 state associations today told house lawmakers that requiring banks to report information to the IRS on gross inflows and outflows on customer accounts is “bad tax policy” and urged them not to include such a provision in the bill, regardless of the reporting threshold.

Newsbytes

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.

Newsbytes

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.

Newsbytes

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.

Newsbytes

To encourage more Americans to get vaccinated against COVID-19, the Treasury Department today announced that it will allow certain eligible employers to claim tax credits for providing paid time off to employees to take a family or household member or certain other individuals to get vaccinated, or to care for a family or household member or certain other individuals recovering from the vaccination.

1 2 3 4 5 12