Defeat burdensome IRS reporting requirements
Published by: Andrew Canan
September 8, 2021 | Political Action
Time and time again, we have seen how additional regulations and compliance requirements hinder your credit union’s ability to serve your members best. Unfortunately, recently we have seen yet another instance of that sort of requirement at the federal level.
To increase taxpayer compliance, the Biden Administration is proposing all credit unions and other financial institutions report additional account holder information in an enhanced 1099-INT IRS form with the intent of raising federal revenues by $463 billion over ten years, beginning in 2023. If the proposal is not defeated, there will be a new, burdensome federal compliance requirement for credit unions to annually report gross inflows and outflows exceeding $600 aggregately of account holders (businesses and individuals) to the IRS.
Act now by submitting or customizing a pre-written email to Congress to oppose this damaging proposal.
If you have any questions about the program or process, please reach out to the League’s Senior Manager of Political and Grassroots Affairs, Andrew Canan.
Contact Andrew Canan for questions or assistance.
