PIA has been vocal in our opposition to a proposal in the current House reconciliation package that would impose a broad new tax information reporting regime on all bank accounts over a certain de minimis amount.
The proposal would require financial institutions and other providers of financial services to track and submit to the Internal Revenue Service (IRS) information on all inflows and outflows, including cash, of every account above a de minimis threshold, which congressional Democrats initially set at $600 and then increased to $10,000 per year. Along with a group of allies, PIA made clear that this update of the threshold to $10,000 does not significantly reduce the scale or challenges associated with this new reporting burden and restated our request that the proposal be dropped.
This week, PIA continued our work opposing this proposal by joining with allies in the business community in sending a letter to President Biden asking that it be withdrawn.
We thank all the PIA members who have taken a few minutes from their day to send a message to Congress opposing this proposal. As Congress continues to consider the budget reconciliation package, we encourage those who have not already done so to take action today. The more your elected representatives hear about the tremendous burden this proposal would impose on small business owners, the more likely it is that our efforts will pay off.