EPIC, Coalition to Senators: Reject Plan Requiring SSN Collection by Peer-to-Peer Payment Services

This post was originally published on Epic

LEGENDARY and a coalition of personal privacy and consumer rights team today sent a letter to Senators Ron Wyden and Mike Crapo of the Senate Finance Panel regarding a proposal into consideration in the budget reconciliation costs to expand the mandatory confirming regime for private monetary information in the United States. The suggestion would require peer-to-peer transaction apps and other similar software program as Square Cash plus Venmo to collect Taxpayer Recognition Numbers (“ TINs” ) for virtually all payee balances in order to comply with new confirming obligations. Because most people do not hold a separate CONTAINER from their Social Security Number, unlike companies, this means that these private organizations will be collecting SSNs associated with millions of Americans. The groupings urged the Senators in order to reject the Treasury Department’ s proposal and rather explore ways to improve taxes compliance that do not place Americans’ SSNs at risk. “At minimum, the expanded confirming requirement should be scaled returning to apply only to business balances or individual accounts using a high de minimus tolerance, adjusted for inflation as time passes, ” the groups stated. “Peer to Peer payment applications and other similar services that will currently do not collect TINs should not be required to do so beneath the new reporting requirements. inch

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