Tax Law Changes Teeter in a Sharply Divided Senate
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?
Browsing: Tax reform
ABA, Trade Groups Reiterate Opposition to Tax Reporting Proposal
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.
Broad Coalition of Business Trade Groups Pan Tax Reporting Proposal
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.
Congress Debates Significant Tax Changes
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.
Tax Foundation: Eliminating Credit Union Tax Exemption Would Do Minimal Economic Harm
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.
ABA, Trade Groups Back Continuation of Tax Protections for Family Businesses, Farms
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.
ABA Responds to Proposed Rulemaking on Tax Settlement Agreements
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.
ABA, Trade Groups Warn Against Changes to Section 199A Tax Deduction
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.
Treasury Report Offers Limited Details on ABA-Opposed Tax Reporting Proposal
The Treasury Department today released a report further detailing its proposals to shrink the tax gap as part of the American Families Plan that was unveiled by President Biden last month.
Treasury Releases Details on Proposed Tax Changes
The Treasury Department today provided additional details on the Biden administration’s proposed changes to the U.S. tax code.