Both the U.S. House and the U.S. Senate have been considering proposals to require banks, credit unions, and other financial institutions to report to the IRS on all deposits and withdrawals through business and personal accounts worth more than $600 regardless of tax liability. We believe that these provisions would represent a massive government intrusion into the affairs of small businesses and that would lead to enormous bureaucratic burdens and confusion for small business owners. As an industry largely comprised of small businesses, we are advocating against the inclusion of these provisions in the Infrastructure Reconciliation Bill being drafted by the House and Senate.
TRAA has already sent letters to the Senate Finance Committee's Chair Senator Ron Wyden (D-OR) and Ranking Member Mike Crapo (R-IN). As well as the House Ways and Means Committee's Chairman Richard Neal (D-MA) and Ranking Member Kevin Brady (R-TX). Through our federal lobbying team, we are actively working in coordination with many other small business associations to oppose these provisions.
As your voice in Washington, TRAA is proud to be advocating on behalf of the industry and our members. We will let you know if direct member engagement is needed, so keep an eye on your inbox. We appreciate the support of each and every member; we couldn’t do this critical work without you!