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Washington has proposed new bank reporting of all personal and business accounts to the Internal Revenue Service (IRS).
Specifically, the proposed fiscal 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.
To counter the plan, local bankers and consumers – especially small business owners - should weigh in directly with their members of Congress to voice their opposition to this intrusive mandate.
The IRS proposal would require financial institutions to report information on customer bank accounts to the IRS. This would be an enormous burden on the community banks required to furnish this information and a breach of our customers’ privacy. Our clients are our primary focus, not serving as IRS agents to collect more information and potential tax revenue.
Community bankers are communicating several challenges to the proposal. The IRS Bank account mining would:
We strongly urge local business owners and consumers to learn more by going to banklocally.org/privacy and take action to prevent your bank from reporting all transactions in your accounts to the IRS.