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Proposed IRS Reporting Legislation

Normally we do not have a strong stance when it comes to certain political agendas; however, recently the Biden Administration proposed a new expansion in regard to the IRS collecting more financial information directly from banks and other financial institutions. We take our customers’ privacy very seriously and work hard to keep your information safe. We feel this proposition is concerning and is an invasion to our customers’ privacy.

The Biden Administration is proposing a sweeping expansion of tax information reporting aimed at raising revenue to help offset the cost of additional spending programs in the American Families Plan. The proposal, if enacted, would require banks to report to the IRS detailed information on the inflows and outflows of every customer account above $600.

Congress is expected to vote on this new proposal in the coming days. So your engagement and action is urgent!

If you oppose such a proposal, we encourage you to contact your lawmakers at this link below:

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