IRS Reporting Proposal
Our top priority has and will continue to be protecting your personal and financial information. 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.
Our current administration has presented a proposal in Washington that would require all financial institutions to report, to the Internal Revenue Service (IRS), the inflows and outflows of all business and personal accounts with a balance of $600 or more, regardless of tax liability. This proposal is aimed at raising revenue for the federal government to help offset the costs of additional spending programs in the American Families Plan.
What that means is, if the total debits (funds flowing out of the account) and credits (funds flowing into the account) equal at least $600 — including deposited paychecks or money transferred via electronic payments through any smartphone apps tied to that account — those totals would require reporting to the IRS.
Join us and help keep your financial information private. Make your voice heard by contacting your local representatives at banklocally.org/privacy.