CUNA Calls on Congressional Leaders to Oppose Increased Reporting Requirements | 2021-09-17

CUNA on Friday joined dozens of organizations calling on congressional leaders to oppose any effort to advance the Internal Revenue Service’s expanded reporting requirements. Language demanding increased reporting was discussed as part of the House infrastructure legislation, but the House Ways and Means Committee passed the bill on Wednesday without including it.

Provisions requiring financial institutions to track and submit to the IRS information on the inflows and outflows of each account above a de minimis threshold of $ 600 during the year, including breakdowns of treasury, were discussed in the framework of the infrastructure negotiations.

CUNA issued an action alert calling on stakeholders to share their concerns with Capitol Hill, and on Friday more than 170,000 messages were sent.

“While the stated goal of this vast data collection is to uncover tax evasion by the wealthy, this proposal does not remotely target that goal or that population,” reads CUNA’s joint letter to CUNA leaders. bedroom. “In addition to significant privacy concerns, it would create enormous liability for all parties involved in requiring the collection of financial information for almost all Americans without a proper explanation of how the IRS will store, protect and use this enormous treasure. personal financial information. . “

A separate joint letter written to House and Senate leaders cites a recent poll by Morning consultation showing that two-thirds of voters (67%) oppose proposals to transfer more bank data to the IRS.

“The opposition is bipartisan, with more than half of the voters (53%) strongly opposed and only 22% in favor,” the letter read. “Comprehensive and indiscriminate data collection would amount to a troubling effort to profile US taxpayers based on the characteristics of accounts without grounds for suspicion of tax evasion. Such profiling is inappropriate in all law enforcement contexts.

CUNA wrote to the House Ways and Means Committee ahead of the markup and called on the leagues to support a letter signed by more than 140 members of Congress sharing similar concerns.

CUNA continues to call on credit union advocates to use its Popular action center to send a message outlining concerns about the proposal, which was discussed under the Build Better Act. Credit unions can also activate their members to send messages to Capitol Hill through CUNA Membership Activation Program (MAP) Community.

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Joan Ferguson

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