Fight Back against the IRS Reporting Proposal
- The Peoples Bank Co. along with many Community Banks across the U.S. including ICBA have strongly objected to a Biden administration proposal that would require financial institutions to report information on customer bank accounts to the IRS.
- The administration’s fiscal 2022 budget proposal would require banks and other financial institutions to report to the IRS on the deposits and withdrawals of business and personal accounts. Congress is now quickly advancing this proposal in its budget reconciliation package, which needs only a simple majority to pass.
- The proposal would:
- Constitute a broad, unwarranted infringement on the privacy of all bank customers without grounds to suspect tax evasion.
- Be intrusive and indiscriminate.
- Undermine the goal of reducing the unbanked.
- Increase taxpayer complexity and confusion.
- Overwhelm the IRS with personal financial data and increase risk of data breach.
Let your Representatives know how you feel about this. Click the link below and let Congress hear your voice.
Consumer Alert from ICBA