Davids Statement on IRS Reporting Requirements

Statement

Representative Sharice Davids released the following statement on the proposed IRS reporting requirement for accounts with $10,000 or more in transactions:

"I believe we should make our tax code more fair to hardworking Kansas families--that means that regardless of intent, we have to be mindful of our policies' impact on those communities. I shared concerns about the lowered reporting threshold--particularly for community banks, credit unions, and small businesses--with Chairman Richard Neal last month and again yesterday, encouraging him to keep unnecessarily low reporting provisions out of any new legislation that Congress is considering. I'm continuing to follow this issue, so we can keep up our work to ensure the wealthy and large corporations pay their fair share without harming everyday Kansans."

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Background

Rep. Davids sent a letter to Chairman of the Ways & Means Committee Richard Neal on September 28, 2021 detailing her concerns with the reporting requirement.
She joined a letter to Chairman Neal and Speaker Pelosi today urging that they remove the provisions that banks report information to the IRS for accounts with more than $10,000 in transactions, raising concerns about lack of details on the privacy and scope of the current measure.

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