In two letters sent to Congress late last week, NAFCU—along with dozens of other associations—called on Congress to reject any effort to include the proposed IRS reporting requirements in the budget reconciliation package currently making its way through Congress.
In the first letter, NAFCU and a group of over 40 associations representing a wide range of industries expressed strong opposition for the proposal, stating it would “directly impact almost every American and small business with an account at a financial institution.”
The group explained the proposal would create significant operational and reputational challenges for financial institutions, increase tax preparation costs for individuals and small businesses, and create serious financial privacy concerns.
“We urge members to oppose any efforts to advance this ill-advised new reporting regime,” concluded the group.
continue reading »