With Congress expected to begin considering a new tax reporting requirement that would require banks to report information on account flows to the Internal Revenue Service as early as next week, bankers are urged to contact their lawmakers to oppose the proposal.
ABA today wrote to Senate leaders in support of an amendment to the budget resolution put forth by Sen. Mike Crapo (R-Idaho) that would prevent the Internal Revenue Service from establishing a new information reporting framework for individual or business bank accounts with flows of $600 or more.
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.
The Internal Revenue Service released a Spanish-language version of its online tool that helps users determine whether they qualify for the Child Tax Credit and its monthly advance payments.
Families eligible to receive the expanded child tax credit payments now have the ability to update their bank account information so they can easily receive their payments, the Internal Revenue Service announced today.
Last week, the IRS extended through June 30, 2022, its temporary relief from the physical presence requirement for spousal consents required to be witnessed by notary public or plan representative.
The American Bankers Association and a broad coalition of trade associations today urged congressional leaders to oppose any efforts to reduce or repeal the 20% deduction for qualified business income under Section 199A—including phasing out the deduction above certain income thresholds.
The Internal Revenue Service released two new online tools to help manage monthly Child Tax Credit payments, which were authorized under the American Rescue Plan.
The Internal Revenue Service has created a new online tool for families that are normally not required to file an income tax return to register for the expanded Child Tax Credit payments, which were authorized by the American Rescue Plan and which will begin to be distributed on July 15.
Ahead of a House Ways and Means subcommittee hearing today on shrinking the tax gap, ABA and 10 other financial trade associations cautioned lawmakers about creating new reporting requirements for banks that would “impose cost and complexity that are not justified by the potential, and highly uncertain, benefits.”