ICBA and a broad coalition of business groups expressed strong opposition to a proposal that would require financial institutions to report information on customer bank accounts to the IRS.
Groups join ICBA opposition to IRS reporting proposal
July 29, 2021 / By ICBA
ICBA and a broad coalition of business groups expressed strong opposition to a proposal that would require financial institutions to report information on customer bank accounts to the IRS.
ICBA and a broad coalition of business groups expressed strong opposition to a proposal that would require financial institutions to report information on customer bank accounts to the IRS.
Background: The Treasury Department proposal would require financial institutions to report to the IRS on the deposits and withdrawals of all business and personal accounts with a balance of more than $600.
Letter: In a joint letter to congressional leaders, the coalition—which includes the U.S. Chamber of Commerce, NFIB, and others—objected to the untargeted nature of the proposal and its impact on taxpayers’ privacy.
Grassroots: ICBA continues encouraging community bankers to use its Be Heard grassroots action center to send custom messages to Congress opposing the plan.
Subscribe now
Sign up for the Independent Banker newsletter to receive twice-monthly emails about new issues and must-read content you might have missed.
Sponsored Content
Featured Webinars
Join ICBA Community
Interested in discussing this and other topics? Network with and learn from your peers with the app designed for community bankers.
Subscribe Today
Sign up for Independent Banker eNews to receive twice-monthly emails that alert you when a new issue drops and highlight must-read content you might have missed.
News Watch Today
Join the Conversation with ICBA Community
ICBA Community is an online platform led by community bankers to foster connections, collaborations, and discussions on industry news, best practices, and regulations, while promoting networking, mentorship, and member feedback to guide future initiatives.
Join the Community Example Text
