Tabs

Bank/Thrift Supervision   |    Capital    |    CFPB    |    Deposit Insurance    |    Interchange    |    Mortgage Finance
Municipal Advisors   |    OCC-OTS Merger   |    Preemption    |    QM - QRM    |    Swaps   |    Volcker Rule    |    Full Topics List
 
Qualified Mortgage - Qualified Residential Mortgage
Swaps
Consumer Financial Protection Bureau - CFPB
Bank/Thrift Holding Company Supervision
Capital
Deposit Insurance
Interchange
Mortgage Finance
Municipal Advisors
OCC-OTS Merger
Preemption
Volcker Rule
Corporate Governance
Financial Stability Oversight Council (FSOC)
Appraisals
Office of Financial Research (OFR)
Systemic Risk
Supervision and Oversight
Payment, Clearing and Settlement
Prudential Supervision
Trust & Securities
Asset-Backed Securities
Resolution Authority

Thursday, June 4, 2015

ABA, Trade Groups Oppose ‘Onerous’ Tax Reporting Proposal

ABA and several financial trade groups wrote to Congress opposing a revenue-raising provision in H.R. 1295, a trade preferences bill. The bill would require depository institutions to file reports with the IRS on all interest-bearing and non-interest-bearing deposit accounts. Reports are currently required only for interest-bearing accounts starting at $10 in interest. The groups said:

Should this provision be enacted, taxpayers will be awash in new 1099s reporting de minimis amounts of interest. Additionally, this new reporting requirement will impose substantial costs on the financial services industry that far exceed the revenue that will be gained by the proposal.

The groups added that the unnecessary 1099s — which for many consumers would report zero interest income — are likely to confuse taxpayers and post “an unnecessary nuisance for nearly every American.”

Read the letter.

No comments:

Post a Comment

Please read our comment policy before making a comment.