Today, Congressman Steve Womack (AR-3) joined Congressman Tom Emmer (MN-6) and other lawmakers in sending a letter to Speaker Pelosi, Ways and Means Chair Neal, Department of Treasury Secretary Yellen, and Internal Revenue Service (IRS) Commissioner Rettig to express concern with a recent IRS data collection proposal that will increase tax information reporting requirements on financial institutions.
Specifically, the proposal would require financial institutions and other financial services providers to report certain transaction level data as well as information about the outflows and inflows on accounts over $600 to the IRS every year. The requirements of this proposal would impose significant compliance costs on our banks, credit unions, and related financial institutions, but also infringe on the privacy of millions of Americans.
Original source can be found here.
