IRS reform bill advances to House

by NAFCU Newsroom

The House Ways and Means Committee on Tuesday unanimously advanced legislation that would make some structural changes to the Internal Revenue Service (IRS) and change the agency’s interactions with taxpayers. Some of the provisions could impact certain credit union processes.

Of note in H.R. 1957, the bill would:

  • make changes to the IRS’ seizure or forfeiture of assets related to the Bank Secrecy Act (BSA) and cash structuring;
  • require the IRS to conduct a study and report to Congress ways to increase the number of tax refunds paid by electronic fund transfers (EFTs);
  • create a website for taxpayers to file Form 1099;

 

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