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Potential Government Changes to Banking

by Jennifer Hinterscher | Sep 07, 2021

Washington proposes new bank reporting of all personal and business financial account info to the Internal Revenue Service (IRS).

 

A new government proposal would require banks to report deposits and withdrawals over $600 to the IRS on both personal and business accounts.

 

While community banks do not endorse such broad IRS access to their customers’ account information, consumers need to be aware of the potential effects of this proposal. We value your business and privacy, and want you to be informed of these possible changes.

 

If you would like to read more about this proposal, click here for the Consumer Alert from ICBA that includes a video explanation of the proposal and also a link to submit letters to Congress if you desire to make your opinion heard. Both these are provided by the Independent Community Banker’s Association.