Y'all see this?
I got an email from my credit union saying the gov is going for this. Time to write your elected officials to fight this.
https://www.votervoice.net/mobile/CC.../87879/respond
As negotiations around the $3.5 trillion infrastructure package heat up, President Biden's Administration has proposed a new IRS reporting provision that requires financial institutions to report additional detailed account holder information. *America's credit unions do not support this additional reporting requirement.
This provision would dramatically increase the regulatory burden for financial institutions, especially small credit unions, undermine the privacy of consumers, and trigger significant data security concerns. *
All financial institutions currently report to the IRS information related to actual taxable events for members and customers, such as interest earned or mortgage interest paid. This new proposal would result in banks and credit unions turning over to the IRS sensitive account details that in and of themselves do not constitute taxable events. This would leave the IRS with a massive trove of personal financial data that would be used in a manner that is not detailed in the proposal and leaves the data vulnerable to a cyber-attack. This is risky and dangerous!
Credit unions and other financial institutions already provide an extraordinary amount of tax information to the IRS. These new requirements put credit unions in the position of further policing our members. *
Please reject the inclusion of new IRS reporting provisions in the infrastructure reconciliation bill.
Sent from my SM-G970U using Tapatalk
Bookmarks