NAIFA has joined more than 100 organizations expressing privacy and cost concerns with a Biden administration proposal that would require financial services providers to track and submit to the IRS information on every account with deposits or withdrawals totaling $600 or more annually.

The proposal would impact more than 100 Million American families and 1 million businesses, according to the New York Times.

The letter to congressional leadership, which NAIFA has signed onto, says the proposal "would create serious financial privacy concerns, increase tax preparation costs for individuals and small businesses, and create significant operational challenges for financial institutions." 

New proposed exceptions to the requirements "only add significant operational complexity for financial institutions and will not materially reduce the tens of millions of American taxpayers who would be subjected to the new reporting regime," the letter continues.