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.
As the start of a presidential term, 2021 was an active year for considering potential changes in tax law. But what does that mean for 2022?
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.
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.
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.
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.
Eliminating the credit union tax exemption would support sound tax policy, a new report from the Tax Foundation found. The think tank used the credit union tax exemption as a case study for how corporate loopholes could be reformed.
The American Bankers Association and a coalition of trade groups yesterday urged the House Ways and Means Committee not to change the stepped-up basis tax rule that prevents family-owned businesses and farms from damaging tax bills when a family member passes away.
The American Bankers Association today filed a comment letter responding to a notice of proposed rulemaking from the federal banking regulators that would establish requirements for tax allocation agreements between institutions and their holding companies in a consolidated tax filing group.
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.