League urges continued opposition to IRS reporting proposal
Published by: Emily Leite
August 25, 2021 | Political Action
With an Oct. 1 vote set for the federal infrastructure spending bill, the League continues to urge the Ohio Congressional Delegation to oppose an arduous Internal Revenue Service (IRS) tax gap reporting proposal. Congress continues debating whether credit unions should be required to periodically capture and report member account inflows and outflows to better assist the IRS in accounting for any unreported individual or business tax obligations. The proposal misguidedly deputizes financial institutions as IRS tax regulators and would greatly increase the compliance and regulatory burden for financial cooperatives. As the federal infrastructure vote looms, the League will advocate how this proposal poses operational challenges for credit unions and impacts their members.
Read the League letter to the Ohio congressional delegation and connect with Chief Advocacy Officer Emily Leite for any questions or concerns regarding the IRS proposal.
Contact Emily Leite for questions or assistance.
