Today, AFSA and about thirty other financial services trades sent a letter to the House Speaker Pelosi and Minority Leader McCarthy in advance of their consideration of a tax provision in the reconciliation package. The provision, which AFSA and others strongly oppose, would establish a broad new tax information reporting requirement, negatively impacting both individuals and small businesses alike.
The tax proposal would require financial institutions and providers of financial services to track and submit to the Internal Revenue Service (IRS) information on the inflows and outflows of any account above a $600 minimum threshold. The goal of the proposal is to prevent tax evasion from the wealthy; however, this would actually create significant privacy concerns and tremendous liability for all account holders. The provision requires collection of financial information for nearly all Americans without explanation of how the IRS will store, protect, and use the personal account data.
The financial trades state that “The fact that raw data exists somewhere in a system does not mean it is easily compiled or produced. For taxpayers, both individuals and small businesses, the complexity of collecting this information will be invisible, but when tax season arrives, they will face an IRS with vast new data sets to mine, and new questions about account activity that may have no obvious connection to tax liability.” The letter further maintains that “taxpayer confusion and tax preparation costs will increase.”
The Rules Committee meets later today to consider the reconciliation package that contains the tax provision, and AFSA will continue to monitor any progress.
AFSA, Joint Trades Comment on Tax Provisions in Reconciliation Package
Sep 17, 2021
Today, AFSA and about thirty other financial services trades sent a letter to the House Speaker Pelosi and Minority Leader McCarthy in advance of their consideration of a tax provision in the reconciliation package. The provision, which … Read the rest
Remarks from the FDIC You Can Bank On
Sep 16, 2021
AFSA is pleased to announce that Jelena McWilliams is confirmed as a featured speaker for AFSA’s Annual Meeting in Washington, D.C., from October 24 through October 27.
Ms. McWilliams was sworn in as the 21st Chairman of the FDIC on June 5, 2018.… Read the rest
Precision Decision: Using AI For Replicable 24/7 Lending
Sep 15, 2021
Consumers have been trained by the big tech companies to expect instant 24/7 everything, including loan approvals. AI-driven lending, by using more data and smarter math, delivers consistent and fast credit decisions even when the human… Read the rest
Cannon Confirmed: Get Ready to Be Blown Away!
Sep 14, 2021
AFSA is proud to confirm Carl M. Cannon, the dean of Washington political journalists, as a keynote speaker at its Annual Meeting in Washington, D.C. Cannon will share his almost 40 years of political insights and experiences with AFSA attendees,… Read the rest
Highlighting the Role of Credit Reporting for Consumers
Sep 10, 2021
The credit report is one of the most important pieces of financial information available to consumers nationwide. It is the key to unlocking more lending options for a new home or car and even enhanced rental opportunities. The beauty of the… Read the rest
September White Paper is Out!
Sep 09, 2021
AFSA’s State Government Affairs September White Paper covers municipal debt collection laws. In addition to state and federal laws governing debt collection, at least five municipalities have gone beyond the federal and state restrictions… Read the rest
September’s Featured Business Partner is DataScan
Sep 08, 2021
September’s Featured Business Partner is DataScan. We asked them a few questions about the value of AFSA membership and some of the opportunities or challenges they face in 2021. Learn more at onedatascan.com.
What are your financial… Read the rest
AFSA’s Flippin’ Great News
Sep 08, 2021
AFSA is pleased to announce that Olympic Gold Medalist and 3-Time Olympian Dominique Dawes is confirmed as a featured speaker for AFSA’s Annual Meeting in Washington, D.C., from October 24 through October 27.
Affectionately known… Read the rest
Be a Mastermind …
Aug 30, 2021
AFSA Business Partner, FICO, has launched its virtual annual FICO Mastermind Event — dedicated to the vehicle-finance industry. By registering attendees can access FICO Mastermind’s streamed, prerecorded sessions anywhere in… Read the rest
AFSA Sends Letter to HUD Regarding Fair Housing Act
Aug 26, 2021
AFSA wrote to the Department of Housing and Urban Development (HUD) on August 24 regarding its proposed rule amending its interpretation of the Fair Housing Act’s disparate impact standard.
AFSA’s letter emphasized that that the association… Read the rest