The proposed requirement raises concerns about Americans' right to privacy.
(WASHINGTON, DC) – Local banks are encouraging individuals to voice their concerns about a plan to turn over bank account information to the IRS.
The Biden Administration is proposing a plan that would require banks to turn over to the IRS detailed information on all deposits and withdrawals through business and personal accounts worth more than $600, regardless of tax liability.
The requirement raises concerns about Americans’ right to privacy, while raising the cost of tax preparation for individuals and small business.
Critics of the proposal also warn that a centralized database with American banking information could be a target for hackers and spies.
Civista Bank released a statement on Monday:
"While we typically do not raise issues occurring in Washington with our customers, Congress is considering requiring financial institutions to report detailed information on customer bank accounts to the IRS. This raises serious questions about your right to privacy. We encourage you to contact your member of Congress and let them know you oppose this proposal.”
FCN Bank said:
“This indiscriminate, comprehensive bank account reporting to the IRS can soon be enacted in Congress and will create an unacceptable invasion of privacy for our customers.”
Concerned individuals can contact members of Congress at Contact Congress Now: Oppose New IRS Reporting Requirements - Secure American Opportunity®.