EMA Opposes Proposals To Transfer More Banking Data To The IRS
Recently, EMA joined 100 other associations in a letter to Senate and House Leadership in opposition to any proposal that would require financial institutions to report to the IRS on transactions in business and personal accounts.
The proposed new tax information reporting regime as described by the Department of Treasury, would impact almost every American who has an account at a financial institution.
The proposal would require providers of financial services to track and submit to the IRS information on the inflows and outflows of every account above a de minimis threshold of $10,000 during the year.
Intended to help the IRS target wealthy tax dodgers, the unintended consequence is the overly broad proposal will directly impact many Americans and small businesses with an account at a financial institution.