ABA Urges Bankers: Ask Lawmakers to Oppose New IRS Reporting Rule

ABA is calling on bankers to contact their lawmakers and express opposition to any new reporting requirements for banks to track and report customer accounts and financial transactions to the IRS. A vote on the issue is expected in the coming days.

The new reporting requirements would raise questions about customers’ right to privacy, create unnecessary and expensive burdens for banks and raise the cost of tax preparation for small businesses, ABA noted.

While all banks would be affected, small community banks with limited internal resources will be especially burdened by this new requirement, ABA said in a message to members, adding that new requirements will require “a massive and expensive compliance effort to track and report inflows and outflows on all bank products.” Take action now.

Share this post:

Comments on "ABA Urges Bankers: Ask Lawmakers to Oppose New IRS Reporting Rule"

Comments 0-5 of 0

Please login to comment