Grassroots Response: IRS Reporting Requirement Proposal
Posted by Ben Shuey on October 14, 2021
One of the very first things that comes to mind when I consider our credit union advocacy efforts in the Northwest is just how committed credit unions are to ensuring the Credit Union Movement remains strong and credit unions continue to serve their members well.
A recent IRS data collection proposal taken up in the Reconciliation package in congress has brought us yet another opportunity to show up and make our collective voices heard.
We are supportive of the CUNA Call to Action on this issue and have already seen over 500k messages sent from credit union advocates.
Here are some highlights of what we are messaging.
We have several substantial issues with this proposal from data privacy concerns to compliance burden (particularly for small credit unions) and also a firm belief that the IRS is not staffed or otherwise resourced to review this massive data collection.
We are supportive of taxpayers paying their taxes but this proposal is a dramatic overreach in pursuing taxpayer compliance. The Biden Administration remains focused on ensuring wealthy Americans who under report their income pay the appropriate taxes. However, the proposed thresholds for reporting transactions ($600) would mean that nearly every credit union member may have their data sent to the IRS.
We appreciate you circulating this Call to Action and will continue to lean in for other opportunities to make our voices heard about this issue in the Northwest and across the Nation.
Additionally, several credit unions in the Northwest have already taken these messages to their membership via the MAP campaign. For more information on how you can get your membership involved please contact Jordan Beyer, Grassroots Advocacy Manager at [email protected].
Haven’t circulated with your empoloyees or membership yet and want to know more? We are here to support!