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Internal Revenue Service, Washington D.C. Internal Revenue Service, Washington D.C. (Source: Shutterstock)

In the nearly five months of lobbying against the proposed IRS reporting requirement, credit unions, banks and nearly all parties in the financial industry have voiced their opposition. This week, cooperative organizations joined NAFCU and CUNA in the pushback efforts with a joint letter to President Joe Biden, U.S. Department of Treasury Secretary Janet Yellen and Democratic leaders of the House and Senate.

In the letter, the organizations stated their cooperative structure is somewhat at odds with the proposal of more strict IRS reporting requirements. “Because of this, we share the Administration’s goal of building a more inclusive and equitable financial system, but we do not believe the new proposed IRS reporting requirements will meet our shared goal,” the letter stated.

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Michael Ogden

Editor-in-Chief for CU Times.

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