Can I watch a video on this topic?
Proposed Bank Reporting Requirements - American Families Plan
Lawmakers are currently proposing new bank reporting requirements which, if enacted, would require banks to report all inflows and outflows of your personal and business financial accounts to the IRS. This proposal is scheduled to be voted on in the next few days.
We do not endorse such broad access to your account information and we believe this:
- is an intrusion into your privacy
- could potentially cost you more for tax preparation
- could expose your private financial documents to increased risk of security breaches and hacking
We are taking an unusual step and asking you to contact your Congressional representatives today and express your opposition to any new IRS reporting that threatens your privacy and security.
Yes, click the Independent Community Bankers of America video link found on the upper right-hand side of this page.
What can I do to help stop the proposal from passing?
Click on the American Banker's Association link to the right. The site will help you generate a letter to your member(s) of Congress, asking for them to protect your privacy and security.