ICBA’s Paul Merski told Bloomberg that additional IRS reporting being floated this week by the Biden administration would increase compliance burdens for community banks.
Report: In the article, ICBA’s group executive vice president of congressional relations and strategy said community banks already conduct substantial reporting, including currency transaction and suspicious activity reports.
Background: President Joe Biden’s $1.8 trillion American Families Plan would require financial institutions to report to the IRS on account flows related to investments and business activity, according to statements from the White House and Treasury Department.