Trades, Business Groups Ask Biden to Drop Proposal to Expand IRS Reporting Requirements

Dozens of trade groups representing credit unions, banks and other industries urged the White House to dump a plan that would require financial institutions to report account information to the IRS.

The proposal, which lawmakers are considering to boost tax revenue and help pay for the Biden administration's social spending package, would direct financial institutions to report annual inflows and outflows in accounts where such money flows exceed $10,000.

In a letter Monday, financial services industry advocates and a widening coalition of other business trade associations appealed directly to President Biden to drop the proposal.

Related: CUNA Calls on President Biden to Withdraw IRS Reporting Proposal

Also of Note: Republican members of the House Ways & Means Committee will hold a virtual roundtable at 11 a.m. today (Oct. 26)  on the “Devastating Consequences of Biden’s IRS Surveillance on Americans’ Bank Accounts."