IRS Reporting Proposal

 https://www.icba.org/bank-locally/consumer-alert-from-icba 

As your community bank, we want our customers to know the facts, especially when it relates to concerning developments around public policy that exposes your financial privacy.

The Biden administration has proposed requiring all community banks and other financial institutions to report to the IRS on all deposits and withdrawals through business and personal accounts worth more than $600 regardless of tax liability. 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.

We work for our customers and our community, not the IRS. Join us in telling Congress that proposed IRS bank account profiling is intrusive and an invasion of customer privacy by clicking here and and entering your name and contact information. Your contact information will populate in a letter to your state representatives. Press submit at the bottom of the page. HFB strongly encourages you to share this link with as many people as possible. 

Resources and Further Information

General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals 

ICBA: Two-Thirds of Voters Oppose IRS Reporting Plan