As part of an ongoing effort to call on the Administration to reject the proposed IRS reporting requirement, NAFCU on Monday joined a joint trades letter to President Biden calling for a withdrawal of the proposal and voicing opposition against the burdensome reporting regime.
In the letter, NAFCU, along with 98 other associations representing a cross-section of business and financial interests, wrote to Biden reiterating concerns against the reporting requirement and requesting that, “this proposal be withdrawn from further consideration, and the administration consider more targeted measures to reduce the tax gap.”
The group deemed the decision to raise the de minimis threshold to $10,000 and exclude wages and government benefits from the information reporting as only a cosmetic change that fails to address the reality of the program, which would negatively impact all taxpayers.
“The privacy concerns for Americans who pay their taxes and would be swept into this account reporting program are real and should not be taken lightly,” wrote the group.
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