This joint letter represents the strong opposition of Maryland financial and business associations from across the state to the proposed new tax information reporting regime. This regime would impact almost every American who has an account at a financial institution – even at the proposed higher $10,000 threshold. By way of background, the proposal will require financial service providers to track and submit to the IRS information on the inflows and outflows of every account above a de minimis threshold during the year. While the stated objective is to help the IRS target wealthy tax payers who are evading paying taxes, this sweeping proposal will directly impact millions of Marylanders and Maryland small businesses that have an account at a financial institution. Click here
to read the letter in its entirety.