SDBA Asks Bankers to Urge Lawmakers to Oppose IRS Reporting Proposal

The SDBA is calling on bankers to contact Sen. John Thune, Sen. Mike Rounds and Congressman Dusty Johnson and express opposition to new reporting requirements for banks to track and report customer accounts and financial transactions to the IRS.  

The U.S. Senate will reconvene next week, and it is anticipated that lawmakers will develop details of the proposed $3.5 billion social spending infrastructure plan, which would have far-reaching tax reporting requirements including reporting bank account inflows and outflows to the IRS by banks. While this may do little to add revenue, it would come at a massive cost to the banking industry—and it would also heighten consumer concerns about the privacy of their banking relationships. 

"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," said SDBA President Karlton Adam. "While all banks would be affected, small community banks with limited internal resources will be especially burdened by this new requirement." 

Bankers can take action directly by using the ABA's Secure American Opportunity grassroots platform, which is the preferred and quickest method to weigh in on important matters such as this one. Take action now

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