In an effort aimed at increasing tax-payer compliance or closing the “tax gap”, the Biden Administration has proposed that financial institutions be required to report additional account holder information in an enhanced annual I.R.S. form 1099-INT.
The proposal would require credit unions and other financial institutions to report to the Internal Revenue Service (IRS) how much money has gone in and out of accounts holding more than $600. In addition to representing a significant new compliance burden for you, this proposal would put credit unions and banks in the position of perpetrating an unprecedented invasion of privacy.
We believe the provision currently has significant traction and support, so lawmakers need to hear from you.
Many of you have already completed the action alert and sent messages to your Member of Congress, keep it up! We need them to hear from all of you. Below you will find the link to additional information and talking points as well as the link to the action alert. Thank you for being great credit union advocates!
