Comment from INFiN, A Financial Services Alliance

Summary: INFiN, a national trade association representing financial services providers, supports the federal goal of improving tax compliance but urges the IRS to modify the proposed rule to be more equitable for unbanked and underbanked consumers. They specifically request modifications to the refund process for canceled transfers, a shift to quarterly tax reporting, and a more nuanced "intent" test for the "principal purpose" rule regarding prepaid cards.