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After months of discussions and numerous letters sent to members of Congress to stop the progression of the proposed IRS reporting requirements for financial institutions, a group of 99 trade organizations from a variety of industries sent a letter on Monday to President Joe Biden as a personal plea to remove the proposal for good.

Last week, lawmakers released an updated proposal that would have credit unions and banks reporting all inflows and outflows of personal and business accounts to the IRS of amounts more than $10,000. The first draft of the proposal had the threshold at $600. Lawmakers have the IRS reporting requirements included for consideration in the ongoing debate of the budget reconciliation package.

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Michael Ogden

Editor-in-Chief for CU Times. To connect, email at [email protected].

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