As Congress and the Biden Administration continue discussions of proposals to institute bank account reporting, NRMCA and our coalition allies have repeatedly voiced our opposition to the proposed policy. The bank reporting policy proposes to require providers of financial services to track and submit to the IRS information on the inflows and outflows of every account above a $10,000 threshold, raised from the initial proposal of a $600 threshold.
Earlier this month, NRMCA joined our business advocacy partners in letters to Congress (here) and the White House (here) expressing our continued opposition to the proposed policy. These letters follow up on advocacy from NRMCA and allied groups expressing concerns and opposition to the policy in July. The proposal has attracted significant opposition from the business community as it has the potential for false-flag collection of small business banking as small businesses, including ready mixed concrete producers, may frequently move money between accounts to meet the needs of business operations.
NRMCA will continue to oppose legislation and regulation that could negatively impact ready mixed concrete producers.
For more information, contact Andrew Tyrrell at atyrrell@nrmca.org.
National Ready Mixed Concrete Association