John Sorensen, president and CEO of the Iowa Bankers Association, was a guest on WHO Radio’s Need to Know With Jeff Angelo today to discuss the Biden Administration’s IRS tax reporting proposal.
The White House proposal would require financial institutions to track and provide the IRS with the inflows and outflows of every account above a de minimis threshold of $600. Sorensen shared the IBA’s opposition to the proposal and noted the administrative burden would fall on community financial institutions, but the bigger concern is privacy of bank customers’ financial data, which could lead to more people becoming unbanked.
The IBA encourages all members to continue to write Congress asking them to oppose this proposal through the IBA’s Legislative Action Center. Please share the link below with your staff, board members and customers and ask them to contact their elected officials about opposing this proposal. You do not need to log in to send a letter.
Note: The interview with John Sorensen starts at minute 17:08 of the episode.