ABI Joins Coalition in Opposition to Proposed IRS Reporting Requirements

September 24, 2021

ABI, along with the Iowa Bankers Association, the Iowa Business Council, the Iowa Farm Bureau Federation, the Iowa Taxpayers Association and the Iowa chapter of the National Federation of Independent Business signed onto a letter addressed to our Congressional Delegation asking that they oppose a proposal related to financial institution income tax reporting. Congress is considering the idea as part of the reconciliation package. It would allow the Internal Revenue Service (IRS) to require financial institutions and other providers of financial services to track and submit IRS information on the inflows and outflows of every account above a de minimis threshold of $600 during the year. The onerous proposal infringes upon the privacy of account holders and businesses, would require significant resources to implement and enforce and would increase tax preparation costs. ABI would like to thank the Iowa Bankers Association for spearheading this effort.