EMA Opposes Proposals To Transfer More Banking Data To The IRS
September 27, 2021
Under pressure from U.S. House moderates, President Joe Biden’s plan to require financial institutions to report account flows to the IRS in a bid to improve tax compliance will likely be set at a threshold higher than the $600 proposed.
Some estimates are focused on raising the threshold to $10,000.
Recently, EMA joined 42 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.