NAIFA, along with 100 business and trade associations, sent a letter to President Joe Biden expressing “strong opposition to the new tax information reporting regime proposed by the Department of Treasury and under consideration by Congress as part of the proposed reconciliation spending package.”

The proposal would require financial institutions to report account information to the IRS on accounts with gross annual inflows and outflows of $10,000, excluding wages and government benefits.

While supporting the goal of requiring all taxpayers to meet their tax obligations, the coalition expressed concern that the proposal is overly broad and will “impact Americans from all income levels,” not just those with incomes above $400,000, which the proposal's authors claim is its purpose. The proposal would also jeopardize the privacy rights of many ordinary Americans.

The letter urges the administration to withdraw the proposed reporting regime. NAIFA previously was a party to a letter to congressional leaders opposing the proposal.