IRS Reporting Proposal
It was recently announced that policymakers in Washington DC are advancing a proposal that would require community banks and other financial institutions to report customer deposit and withdrawal information to the Internal Revenue Service.
Specifically, the proposed 2022 budget would require banks and other financial institutions to report to the IRS on the deposits and withdrawals of all business and personal accounts with a balance of more than $600.
We do not support this proposal, which would be an unwarranted infringement on the privacy of our clients, and create complex new reporting burdens for our associates.
Please join us in taking action to voice our opposition, and notifying members of Congress here: https://icba.quorum.us/campaign/IRS/