IBAT joins the ICBA and other state community banking associations in calling upon all members of Congress to oppose IRS reporting mandates.
“If the problem is tax obfuscation or avoidance by ‘wealthy tax cheats,’” the letter reads, “a broad indiscriminate data sweep of nearly every American’s financial account is not the solution.”
The letter cites the inappropriateness of profiling and assumption of non-compliance by taxpayers as just a few of the reasons that Congressional representatives should oppose the measure. It also cites weaknesses in proposals to raise the threshold for reporting or the exemption of certain transactions from the calculation thereof.
IBAT continues to urge member action on the mandate by taking the following steps:
- Circulate this action item among your bank staff and directors.
- Visit the ICBA Consumer Alert resource page to find email and social media alerts to share with your customers.
- Get the word out to your customers via social media utilizing individual and corporate accounts and point them to this page to take action.
- IBAT is also urging members to call Congressional offices to register their opposition to reporting requirements on accounts of any size. For your convenience, we have prepared a call script for you and your employees to use. You can find the phone number for your member of the U.S. House of Representatives here.