Groups join ICBA opposition to IRS reporting proposal

ICBA and a broad coalition of business groups expressed strong opposition to a proposal that would require financial institutions to report information on customer bank accounts to the IRS.

Background: The Treasury Department proposal would require financial institutions to report to the IRS on the deposits and withdrawals of all business and personal accounts with a balance of more than $600.

Letter: In a joint letter to congressional leaders, the coalition—which includes the U.S. Chamber of Commerce, NFIB, and others—objected to the untargeted nature of the proposal and its impact on taxpayers’ privacy.

Grassroots: ICBA continues encouraging community bankers to use its Be Heard grassroots action center to send custom messages to Congress opposing the plan.