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.

Andrew Canan
Andrew Canan Director, Political Affairs E: acanan@ohiocul.org
Contact Us

Other Movement News

Government Affairs

Credit union data protection efforts shared with Congress

Financial fraud is everywhere; account takeovers, elder scams, counterfeit checks, and stolen credit cards are just a few examples. The U.S. Senate Committee on Banking, Housing, and Urban Affairs held […]
Regulatory

League joins brief to protect commercial lending

While your credit union tries to remain focused on members, services, and the problems already on your plate, the League looks to prevent any new issues from showing up. That […]
Member Benefits

League welcomes new marketing coordinator

This month, the Ohio Credit Union League welcomed Morgan Hoy, marketing coordinator, to the team. Morgan brings diverse marketing and communications experience. Most recently, she managed her own freelance marketing […]