On Oct. 14, ABC joined more than 100 associations in a letter to leaders in the U.S. Senate and House of Representatives opposing a proposed tax information reporting requirement that would have an impact on many ABC contractors and nearly all small businesses in America with a bank account.
As discussions continue on the Democrats’ tax-and-spend reconciliation bill, a proposal has been submitted that would require banks and financial institutions to track and submit to the Internal Revenue Service information on the inflows and outflows of every account above a de minimis threshold ranging from $600 to $10,000 annually. While the proposal’s goal is to reduce tax evasion, it threatens the privacy of American taxpayers, and raises concerns of serious unintended consequences that would have an impact on the operations of many small businesses across the country.
In addition to the letter, the group also sent a “charge and response” sheet correcting the record on the intent, scope and impact this proposal would have on millions of Americans.
ABC will keep members updated on this proposal in Newsline.