09/01/2021
The IRS has no business asking banks to monitor our deposits and withdrawals!
Follow the link included at the bottom of the original post (you may need to click “see more” below) and you can send off letters to your representatives telling them to STOP this insanity. It took me less than 5 minutes to fill in the info, they already have a letter. Or you can write your own message.
As your community bank, we want our customers to know the facts, especially when it relates to concerning developments around public policy that exposes your financial privacy.
The Biden administration has proposed requiring all community banks and other financial institutions to report to the IRS on all deposits and withdrawals through business and personal accounts worth more than $600 regardless of tax liability. This indiscriminate, comprehensive bank account reporting to the IRS can soon be enacted in Congress and will create an unacceptable invasion of privacy for our customers.
We work for our customers and our community, not the IRS. Join us in telling Congress that proposed IRS bank account profiling is intrusive and indiscriminate for our customers: https://www.icba.org/bank-locally/consumer-alert-from-icba
Member FDIC
Source: https://www.icba.org/newsroom/news-and-articles/2021/08/19/resources-to-help-you-fight-irs-reporting-mandates
https://home.treasury.gov/system/files/131/General-Explanations-FY2022.pdf (page 88 or page 94 of the whole document)
