September 7, 2021
ALERT! 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 IMMEDIATELY in telling Congress that proposed IRS bank account profiling is intrusive and indiscriminate for our customers: https://icba.quorum.us/campaign/IRS/
To read the Administration’s Fiscal Year 2022 Revenue Proposal as it pertains to this post visit link below. (Listed under INTRODUCE COMPREHENSIVE FINANCIAL ACCOUNT REPORTING TO IMPROVE TAX COMPLIANCE; Page 88 of the document or page 94 of the pdf)