- Democrats working to trim a proposed $3.5 trillion spending package to garner more bipartisan support have offered a scaled-back version of the controversial bank reporting measure that would require banks to report to the IRS of aggregate account inflows and outflows for accounts with a value of $10,000 or more, rather than the $600 threshold contained in the previous proposal. The new proposal also exempts certain benefits-related transactions from reporting. Banking industry representatives rejected the new plan based on privacy concerns, also noting that the exemptions will further complicate the banks’ reporting process. Senator Mike Crapo (R-ID), Ranking Member of the Finance Committee, has written to Treasury Secretary Janet Yellen with a series of questions on the proposal. Despite the revisions, NYBA continues to actively oppose this measure. Senator Tim Scott (R-FL) has introduced a bill to essentially block the IRS from establishing any new bank reporting requirements. If you have not already done so, please join NYBA’s Grassroots Action Alert campaign to defeat this proposal.
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