REMINDER: Make Your Voice Heard On Requiring Banks To Report Transactions To IRS

As Connecting the Dots has reported before, one of the provisions in President Joe Biden’s tax plan would require banks to report to the Internal Revenue Service (IRS) all account holder transactions that are more than $600. The goal of this requirement would be to collect more taxes from U.S. businesses.

The U.S. House and Senate have now both approved a budget resolution that calls for Congress to write legislation to implement this policy.

The business community strongly opposes this proposal. The Independent Community Bankers of America (ICBA), which represents small financial institutions around the United States, is asking small business owners to make their voices heard in opposition to the proposed IRS requirement. MSCI members are encouraged to Click here to use ICBA’s online tool to send a letter to their member of Congress.

Like MSCI, the ICBA is a member of the Coalition for a Democratic Workplace (CDW). With CDW, MSCI already has sent a letter to U.S. House and Senate leaders opposing this new policy. The letter, available here, said, “[W]e are concerned about the IRS’s poor record of data security which exposes taxpayers’ data, compromises their privacy, and makes them vulnerable to identity theft. In today’s environment, privacy and enhanced security of taxpayer data should take precedence over the mass collection of new data.”