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Michigan Credit Union League

Senate Considers Controversial IRS Financial Transaction Reporting Requirement

The U.S. House recently passed their “Build Back Better” reconciliation bill, which now travels to the U.S. Senate for consideration. While the House’s version did not include the controversial IRS financial transaction reporting requirement, there is a growing risk that some in the Senate may seek to add the provision, or a version of it, into the bill. Should the Senate include the proposal in their bill it would be extremely difficult to stop the proposal as the bill would be returned to the House, which would likely pass the bill without changes and send it to the President for his signature.

Please take a few minutes to contact your lawmakers using Grassroots Action Center (cuna.org), even if you already have, to let our Senators know that Michigan credit unions and their members are staunchly opposed to this proposed requirement regardless of the threshold amount. Please share this link with your staff and members as well. The bill may be taken up as soon as next week – the time is now!!

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2021-11-24 00:00:00