IRS Reporting Provisions Not Included in Reconciliation Legislation

The provision requiring increased financial institution reporting to the Internal Revenue Service was not included in reconciliation legislation unveiled by Congressional leaders. That legislation, the Build Back Better Act, passed the House of Representatives in November.  It appears that this legislation will not pass the Senate. While this is a well-deserved victory for credit unions and their members, CUNA remains vigilant against any new IRS reporting schemes that might be raised in Congress. CUNA, Leagues, and credit unions generated more than 850,000 messages to Capitol Hill sharing concerns with the proposal.