Your World of Legal Intelligence
 United Kingdom | +44 (0) 20 7284 8080

ABA-Senators Question Yellen Over Tax Reporting Proposal.

Document Cited in Related
Vincent

ENPNewswire-September 29, 2021--ABA-Senators Question Yellen Over Tax Reporting Proposal

(C)2021 ENPublishing - http://www.enpublishing.co.uk

Release date- 28092021 - Treasury Secretary Janet Yellen today faced tough questions from members of the Senate Banking Committee on the Biden administration's controversial proposal to require financial institutions to report gross inflows and outflows on customer accounts as a way to close the so-called 'tax gap.'

Several lawmakers panned the idea-which the American Bankers Association has vigorously opposed-during the hearing.

'There are obvious privacy concerns for all Americans here,' said Sen. Cynthia Lummis (R-Wyo.) 'This represents a dramatic new regulatory burden for community banks and credit unions.' She also raised concern that her constituents 'will find alternatives to traditional banks just to thwart IRS access to their personal information,' echoing a concern raised by ABA that the proposal could serve to undermine financial inclusion efforts. Sen. Bill Hagerty (R-Tenn.) added that if enacted, the proposal 'will be an extensive compliance burden,' and also noted that 'there's a huge concern . . . on the part of the American public' about the IRS' ability to protect their data.

Attempting to defend the $600 de minimis threshold floated by the...

To continue reading

Request your trial
COPYRIGHT Normans Media Ltd.

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT