“The Treasury Department’s new tax information reporting plan, if enacted into law as part of the proposed reconciliation package under discussion, would capture many routine mortgage-related transactions, result in significantly increased tax compliance costs for individuals, families and small businesses, and present privacy concerns regarding potential data breaches.”
–MBA Senior Vice President of Legislative and Political Affairs Bill Killmer, in a letter of support to Sen. Tim Scott, R-S.C., for introducing a bill that would prevent the IRS from imposing “draconian” reporting requirements on financial services providers.
