As Congress considers a proposal requiring banks to report information to the IRS on gross inflows and outflows on customer accounts, state bankers associations opposed to the proposal are expressing concerns with the expanded IRS reporting requirements. State associations are amplifying the message that the proposal is an unwarranted infringement on the privacy of bank customers and will create an unnecessary compliance burden for all banks especially community banks. Check out these stories on how bankers across the country are advocating against this proposal on behalf of their consumers.
- Mississippi banks oppose reporting your data to IRS. Here’s why and what it would mean.
- Fox News: Small banks concerned over Biden’s IRS reporting proposal
- Will Congress enable the IRS to spy on you? A tax proposal would require financial institutions to report individual and business transactions to the IRS.
- Unintended Consequences of Federal Tax Reporting
- Oklahoma Bankers Association says new proposed federal tracking system is government overreach
- NC bankers: Why we oppose plan that could give IRS more data about your bank account
- Don’t let the IRS spy on our bank accounts
- Opinion: Biden proposal anything but good government