Last week, the state House passed H.R. 150, that urges Congress to oppose the U.S. Treasury’s proposed changes to IRS reporting requirements.
The proposal would require financial institutions to report aggregate deposit and withdrawals information from customers’ business and personal accounts to the IRS without their consent. The reporting requirements would apply to personal or business savings, transactional, loan and investment accounts. The proposal would require financial institutions to report inflows and outflows of more than $600.
The PA Chamber supports the bill because it presents extreme privacy rights issues and data security concerns for millions of Pennsylvania citizens and businesses. In recent weeks, we sent memos to the House and Senate urging passage of the bill to oppose the Treasury Department’s proposed sweeping overreach.