An Early Win on IRS Reporting Requirements, But CUs' Engagement Still Critical as Fight Continues!

There was a temporary win in the fight to keep credit unions from having to report inflows and outflows of deposits information on every account that holds more than $600, with the House Ways and Means Committee, under the leadership of Richie Neal (D-MA), not including it in their tax package. Treasury Secretary Janet Yellen and IRS Commissioner Charles Rettig sent a letter to House Democrats urging them to put it back in the final, larger package.

Thank you to the 600-plus credit union champions here in Virginia who responded to this call to action. BUT WE CANNOT LET UP! If you have not sent a letter or an email, or made a phone call, please do so right now!

Related: Reps. Cline, Wittman Sign Onto Letter Expressing Concerns Over IRS Reporting Proposal