WASHINGTON—The House has passed by voice vote a bill that would make some structural changes to the Internal Revenue Service (IRS) and change the agency's interactions with taxpayers.
“Some of the provisions could impact certain credit union processes, though it does not address NAFCU's concerns with the 21% excise tax on excess executive compensation implemented under the Tax Cuts and Jobs Act (TCJA),” NAFCU said. CUToday.info earlier reported the concerns raised by NAFCU here.
Although similar legislation passed by the House last Congress was never taken up by the Senate, Senate Finance Chairman Chuck Grassley (R-IA) said he plans to advance H.R. 1957 quickly.
Other Provisions
NAFCU noted H.R. 1957 would:
- Make changes to the IRS' seizure or forfeiture of assets related to the Bank Secrecy Act (BSA) and cash structuring
- Require the IRS to conduct a study and report to Congress ways to increase the number of tax refunds paid by electronic fund transfers (EFTs)
- Create a website for taxpayers to file Form 1099
- Allow direct payment of federal taxes by debit and credit cards, though consumers would still be responsible for associated fees
- Require covered organizations to electronically file Form 990
- Require the IRS to send a notice to an organization if it did not file Form 990 for two consecutive years (tax-exempt status is revoked if an organization fails to file the form for three consecutive years)