LANSING, Mich. — The state Senate on Tuesday morning approved a resolution sponsored by Sen. Kevin Daley calling on Congress to reject recently proposed IRS reporting requirements.
“Since being announced, the updated income reporting requirements being proposed by the Treasury Department in Washington have been nearly universally opposed by the people and businesses they would affect,” said Daley, R-Lum. “The only support I have seen for these measures comes from the IRS and other Washington bureaucrats.”
Senate Resolution 85 urges the U.S. Congress to oppose the unnecessary and harmful changes to Internal Revenue Service reporting requirements proposed by the U.S. Department of Treasury.
The department has proposed requiring financial institutions to report financial account information for accounts with a gross flow threshold or fair market value of $600 or more. The proposal calls for financial institutions to report gross inflows and outflows with a breakdown for physical cash, transactions with foreign accounts, and transfers to and from another account with the same owner. The proposed rules would apply to both business and personal accounts, including bank, loan, and investment accounts at financial institutions subject to the proposed requirement.
“People all over the country have spoken out and voiced their concerns about what this means for their privacy and made it clear they don’t support this obvious money grab from the federal government,” Daley said. “This would also put more stress on community banks and credit unions, who are already struggling with overly burdensome regulations.
“I don’t believe people’s privacy should be put at risk so the government can take more of their hard-earned money.”