CU opposition to expanded IRS reporting requirements grows

“This is frankly an invasion of credit union member privacy because this information cannot be directly used to ascertain a taxpayer’s tax liability,”

Credit unions remain extremely concerned with—and strongly oppose—a proposal that would require financial institutions to increase reporting of account information to the Internal Revenue Service (IRS). Specifically, the requirement would require reporting to the IRS on gross inflows and outflows of account holders (businesses and individuals) with a breakdown for cash, transactions with a foreign account, and transfers to and from another account with the same owner.

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