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Truity Credit Union Blog > October 2021 > CEO Connect - Proposed IRS Reporting Requirements

CEO Connect - Proposed IRS Reporting Requirements

  • 10/26/2021

Congress is currently considering requiring financial institutions, such as credit unions, to report transactions from your business and/or personal accounts to the IRS.

This requirement would be an unprecedented invasion of privacy.

I encourage you to write to your Congressional representatives to oppose efforts to establish new IRS reporting requirements for financial institutions.   

The new IRS reporting requirements aim to raise revenue to help offset the cost of additional spending programs in the American Families Plan.

The proposal, if enacted, would require financial institutions to report to the IRS detailed information on the annual inflows and outflows of every member account above a certain threshold. The most recent proposal has indicated that the threshold would be set at annual inflows and outflows of $10,000. Nearly all Americans spend more than $10,000 per year, and a threshold at any level is an invasion of privacy. Would you please ask your representatives to vote to reject this provision? Find information for your state representatives and senators

Thank you for your consideration.

Dennis Halpin, President/CEO


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