House Ways and Means Committee Republicans issued a fact sheet pushing back on the Biden administration’s proposal to require banks to report customer account information to the IRS.
Fact Sheet: The congressional fact sheet says the proposal would supercharge the IRS and require local banks to serve as tax auditors and raises doubts about the size of the agency’s estimated “tax gap.”
Grassroots: ICBA continues calling on community bankers to use its Be Heard grassroots action center to urge their members of Congress to oppose the plan.
More: ICBA recently delivered its own fact sheet to Congress detailing consumer and small-business opposition to the plan.