Banking

Podcast: How the IRS Reporting Proposal Would Affect Banks and Customers | ABA Banking Journal

On the latest episode of the ABA Banking Journal Podcast — sponsored by NICE Actimize Xceed — Citizens Bank of Edmond CEO Jill Castilla talks about the effects the Biden administration’s controversial proposal for a financial account reporting regime would have on a bank like hers, with $310 million in assets and 55 employees. She talks about the challenge of implementing a system like this alongside current anti-money laundering reporting and 1099 filing at a community bank.

Castilla also discusses why she started speaking out about the proposal, which would entail bank reporting to the IRS of gross annual inflows and outflows in financial accounts over a de minimis threshold of $600. Hearing directly from Citizens Bank customers worried about their financial privacy and about the elevated risk of audits over normal transactions motivated Castilla to press the issue.

With House Speaker Nancy Pelosi indicating that congressional leaders still plan to include some version of this reporting regime in the social spending bill — which continues to be negotiated on Capitol Hill — ABA continues urging bankers to take action and educate their customers about the proposal.

This episode is sponsored by NICE Actimize Xceed.

In this episode:

Podcast: How the IRS Reporting Proposal Would Affect Banks and Customers | ABA Banking Journal

Jill Castilla
President and CEO
Citizens Bank of Edmond

Podcast: How the IRS Reporting Proposal Would Affect Banks and Customers | ABA Banking Journal

Evan Sparks
Editor-in-Chief
ABA Banking Journal

 

Most Related Links :
Business News Governmental News Finance News

Source link

Back to top button