URGENT: IRS proposal could affect your accounts
As the House considers the Biden administration’s social spending bill, the American Banker's Association (ABA) and 51 state banking associations told house lawmakers that requiring banks to report information to the IRS on gross inflows and outflows on customer accounts is “bad tax policy” and urged them not to include such a provision in the bill.
If the proposal passes, all financial institutions would be required to report detailed information to the IRS about the inflows and outflows of money for all client accounts above $600. This would include deposited checks, electronic payments, and smartphone payment apps tied to the account, etc.
We feel that this proposal would be a serious invasion of privacy for most of our clients, and we encourage you to reach out to congress before voting begins next week if you oppose this proposal.
URGENT: Take Action Now - Contact Congress