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Trainman News
Indianapolis, Marion County, Indiana
What is this article about?
The American Bankers' Association opposes a proposed IRS ruling requiring banks to report interest payments of $600 or more to expose big-time income tax chiselers, arguing it would burden them and cost the government money. They suggest a $300 floor off the record. No action until new Treasury Secretary decides.
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To Expose Chiselers
WASHINGTON-A proposed ruling which would bring to light big-time income tax chiselers is being sniped at by American Bankers' Asociation.
Any interest payments of $600 and over must now be reported by the banks and other financial institutions to the Internal Revenue Bureau, which wants the floor lowered to $100.
The bankers have been arguing before IRB that the government would lose money under the proposed ruling, and that it would "impose an unjustifiable burden." The bankers said, off the record, that they'd give their OK for a $300 floor, but it appears that nothing will be done about it until the new Secretary of the Treasury assumes office, and his decisions will be a clue as to which direction the wind is blowing.
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Where did it happen?
Domestic News Details
Primary Location
Washington
Outcome
no action until new secretary of the treasury assumes office
Event Details
A proposed ruling would require banks and financial institutions to report interest payments of $600 and over to the Internal Revenue Bureau to expose big-time income tax chiselers. The Bureau wants the floor lowered to $100. The American Bankers' Association argues it would cause the government to lose money and impose an unjustifiable burden. Off the record, bankers would OK a $300 floor.