Cattle

The Biden administration has proposed a sweeping new information reporting requirement on annual gross inflows and outflows of financial accounts. If enacted, this proposal would require financial institutions to report to the IRS account information on nearly every American who has a bank account.

In response, American Farm Bureau has joined over 100 other organizations in a letter to leaders of Congress to share their concerns about this proposal.

“Lawmakers must fully understand the breadth of taxpayers who would be receiving a new form from their financial institution – almost every American who has a bank or credit union account and has gross inflow and outflow of at least $600,” the letter to Speaker Nancy Pelosi, Majority Leader Chuck Schumer, Minority Leader Kevin McCarthy and Minority Leader Mitch McConnell reads. “While recent proposals suggest that increasing the threshold to $10,000 is less objectionable, this is a flawed assumption and will not significantly reduce the scale of this new IRS program.”

Those in favor of the suggested changes claim that this proposal targets wealthy Americans who do not pay what they owe in taxes. The letter also addresses those charges.

“This proposal would create serious financial privacy concerns, increase tax preparation costs for individuals and small businesses, and create significant operational challenges for financial institutions. We believe that this program is costly for all parties, not fit for purpose, and loaded with the potential for unintended and serious negative consequences. As associations representing a broad cross-section of financial and business interests, we urge you to oppose any efforts to institute this new reporting regime.”

Read the full letter.

Labor has always been an issue, mainly because we are a seasonal operation. So that's a challenge finding somebody who only wants to work three months out of a year, sometimes up to six months.
Mandy Way's avatar
Mandy Way

Way Farms

Farm Labor Resources
I appreciate the benefit of having a strong voice in my corner. The extras that are included in membership are wonderful, but I'm a member because of the positive impact to my local and state agricultural communities.
Ernie Welch's avatar
Ernie Welch

Van Wert County Farm Bureau

Strong communities
I see the value and need to be engaged in the community I live in, to be a part of the decision-making process and to volunteer with organizations that help make our community better.
Matt Aultman's avatar
Matt Aultman

Darke County Farm Bureau

Leadership development
Farm Bureau involvement has taught me how to grow my professional and leadership experience outside of the workforce and how to do that in a community-centric way.
Jaclyn De Candio's avatar
Jaclyn De Candio

Clark County Farm Bureau

Young Ag Professionals program
With not growing up on a farm, I’d say I was a late bloomer to agriculture. I feel so fortunate that I found the agriculture industry. There are so many opportunities for growth.
Jenna Gregorich's avatar
Jenna Gregorich

Coshocton County Farm Bureau

Growing our Generation
Knowing that horticulture is under the agriculture umbrella and having Farm Bureau supporting horticulture like it does the rest of ag is very important.
Jared Hughes's avatar
Jared Hughes

Groovy Plants Ranch

Groovy Plants Ranch
If it wasn't for Farm Bureau, I personally, along with many others, would not have had the opportunity to meet with our representatives face to face in Washington.
Austin Heil's avatar
Austin Heil

Hardin County Farm Bureau

Washington, D.C. Leadership Experience
So many of the issues that OFBF and its members are advocating for are important to all Ohioans. I look at OFBF as an agricultural watchdog advocating for farmers and rural communities across Ohio.
Mary Smallsreed's avatar
Mary Smallsreed

Trumbull County Farm Bureau

Advocacy
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