Right now the "LARGE ACCOUNTS" are accounts with balances over $600.00
"The U.S. House Ways & Means Committee is scheduled to take up the budget reconciliation bill beginning September 9. Sec. 3008 of the Senate budget resolution (S.Con.Res.14) opened the door for the Ways & Means Committee to discuss the Biden Administration’s proposal that financial institutions report all account inflows and outflows as part of the reconciliation process.
Specifically, Section 3008 of S.Con.Res. 14, which is entitled “Reserve Fund Relating to Protecting Taxpayer Privacy While Ensuring Those Evading the Tax System Pay What They Owe”, includes language enabling the reporting on “large financial account balances to ensure those evading the tax system pay what they owe” if the Ways & Means Committee decides to include the language. The Texas Bankers Association opposes these efforts.
Three Texans serve on the House Ways & Means Committee. Republicans Kevin Brady (TX-08), who serves as the Ranking Member on the Committee, and Jodey Arrington (TX-19) are steadfast and vocal in their opposition to the IRS reporting issue. TBA is grateful for their support of Americans’ financial privacy. However, Central Texas Congressman Lloyd Doggett (TX-35) also serves on Ways & Means, and now is the time for all Texans to CALL Congressman Doggett’s office to let him know you oppose the inclusion of the IRS reporting language in the budget reconciliation bill. Doggett’s DC office number is: (202)225-4865.
In addition to calling Congressman Doggett's office, please also SEND an email to your Member of Congress and encourage all of your employees to send messages as well."
"The U.S. House Ways & Means Committee is scheduled to take up the budget reconciliation bill beginning September 9. Sec. 3008 of the Senate budget resolution (S.Con.Res.14) opened the door for the Ways & Means Committee to discuss the Biden Administration’s proposal that financial institutions report all account inflows and outflows as part of the reconciliation process.
Specifically, Section 3008 of S.Con.Res. 14, which is entitled “Reserve Fund Relating to Protecting Taxpayer Privacy While Ensuring Those Evading the Tax System Pay What They Owe”, includes language enabling the reporting on “large financial account balances to ensure those evading the tax system pay what they owe” if the Ways & Means Committee decides to include the language. The Texas Bankers Association opposes these efforts.
Three Texans serve on the House Ways & Means Committee. Republicans Kevin Brady (TX-08), who serves as the Ranking Member on the Committee, and Jodey Arrington (TX-19) are steadfast and vocal in their opposition to the IRS reporting issue. TBA is grateful for their support of Americans’ financial privacy. However, Central Texas Congressman Lloyd Doggett (TX-35) also serves on Ways & Means, and now is the time for all Texans to CALL Congressman Doggett’s office to let him know you oppose the inclusion of the IRS reporting language in the budget reconciliation bill. Doggett’s DC office number is: (202)225-4865.
In addition to calling Congressman Doggett's office, please also SEND an email to your Member of Congress and encourage all of your employees to send messages as well."
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