TRAA Legislative Update: Increased IRS Reporting Provisions
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Source: Towing and Recovery Association of America (TRAA) press release
“Both the U.S. House and the U.S. Senate have been considering proposals to require banks, credit unions and other financial institutions to report to the IRS on all deposits and withdrawals through business and personal accounts worth more than $600 regardless of tax liability.
“We believe that these provisions would represent a massive government intrusion into the affairs of small businesses and that would lead to enormous bureaucratic burdens and confusion for small business owners. As an industry largely comprised of small businesses, we are advocating against the inclusion of these provisions in the Infrastructure Reconciliation Bill being drafted by the House and Senate.
“TRAA has already sent letters to the Senate Finance Committee’s Chair Senator Ron Wyden (D-OR) and Ranking Member Mike Crapo (R-IN). As well as the House Ways and Means Committee’s Chairman Richard Neal (D-MA) and Ranking Member Kevin Brady (R-TX). Through our federal lobbying team, we are actively working in coordination with many other small business associations to oppose these provisions.”
For more information about TRAA visit traaonline.com.