The State Chamber joins the chorus of opposition to the proposed budget reconciliation provision that would require banks to report private customer account information to the Internal Revenue Service (IRS). Proposed by the U.S. Treasury Department to improve tax compliance, the plan would require all U.S. financial institutions to report to the IRS on the deposits and withdrawals of all business, personal, and investment accounts above $600.
"This intrusive account reporting would give the IRS unmitigated ability to monitor the financial information and transactions of practically all Oklahoma businesses and consumers," said Chad Warmington, president and CEO of The State Chamber.
Congress still has to act on this broad regulation, which is currently under review in the U.S. House Ways & Means Committee.
"The State Chamber will oppose any effort by the federal government to interject itself into the financial records of business and will be voicing its concern to the congressional delegation."
About The State Chamber
The State Chamber is the guardian of business in Oklahoma. We work on behalf of our members, the Oklahoma business community, to affect change across all three branches of government to create a pro-growth climate statewide. The State Chamber leverages meaningful partnerships, resources and coalitions to strengthen Oklahoma's economy and support businesses of all sizes. For more information, please visit www.okstatechamber.com.