CIRT joined a large cross-section of organizations delivering a message to Congressional leadership that we strongly oppose the proposed new tax information reporting regime as described by the Department of Treasury, that would impact almost every American who has an account at a financial institution. The proposal, buried in the monstrous $3.5 trillion reconciliation bill, will require providers of financial services to track and submit to the IRS information on the inflows and outflows of every account above a de minimis threshold of $600 during the year.
Moreover, the organizations noted that “The privacy concerns for Americans are real and should not be taken lightly. The IRS is not impervious to being hacked and has suffered massive data breaches in the recent past where the personal information of taxpayers was stolen.” And also, that tinkering around the edges to “soften” the new mandates and requirements to certain types of transactions, or groups of banking accounts, etc. was still an outrageous invasion of privacy and government overreach.
SEE the Coalition Letter and Fact Sheet for further details.