Encourage your customers to tell Congress not to let the IRS invade their privacy.
The Biden administration is advancing an overreaching proposal requiring financial institutions to report their customers’ deposit and withdrawal information to the IRS, regardless of their tax liability or consent. WBA, ABA, ICBA, and other state banking associations are opposed to this measure and this is a topic we have been discussing in meetings with our Congressional delegation.
ICBA’s landing page for this issue may be found here.
Please consider sending a message to your representative and senators, and encourage your customers to the do the same here.