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IRS Reporting

Understanding the proposed legislation.

Overview:

The Biden Administration is proposing a sweeping expansion of tax information reporting aimed at raising revenue to help offset the cost of additional spending programs in the American Families Plan. The proposal, if enacted, would require banks to report to the IRS detailed information on the inflows and outflows of every customer account above $600.

Congress is expected to vote on this new proposal in the coming days.

 

Our Concern:

We value our customers’ right to privacy. If this law is enacted, Franklin Savings Bank would be required by the Federal Government to divulge the personal information of its customers any time a transaction over $600 takes place.

 

How you can help:

If you oppose this proposed bill, we encourage you to contact your member of Congress at the following link: https://secureamericanopportunity.com/take-action/oppose-new-irs-reporting-requirements-take-action/

 

Further Reading:

Banks escalate fight over IRS reporting in Biden budget plan, American Banker: https://www.americanbanker.com/news/banks-escalate-fight-over-irs-reporting-in-biden-budget-plan

 

Updates:

11/17/2021 update

We are pleased to report that Congress has left out the IRS Reporting proposal for now. The U.S. Senate has an opportunity to influence the “Build Back Better” package and they can still opt to have the proposal added back.

We want to thank those who voiced their concerns to oppose this proposal by contacting their law makers. They heard you loud and clear! FSB will continue to share with our customers the banking industry’s concerns about how the IRS proposal could invade your financial privacy, along with the open questions concerning the ability of the IRS to safeguard the information and effectively process the additional data. We feel strongly that the core of our relationship with our customers is founded upon trust. We are grateful for the opportunity to be your community bank and thank you for the trust you have placed in us!

#ProudToBeCommunityBankers

 

10/29/2021 update

The controversial proposal to require financial institutions to share more information on the inflows and outflows of money through customer accounts was not included in the budget framework outlined by Congress on October 28th.

While the proposal has been dropped from the House bill, there is still a possibility it could be added back in at a later point in the legislative process. FSB will continue to advocate against this flawed proposal on behalf of our customers, but we still need your help. Please continue to voice your concerns to ensure this misguided proposal remains off the table in the days ahead.  Contact your lawmakers today to voice your concerns.

10/15/2021 update

ABA yesterday joined a broad coalition of business trade groups in a letter to House and Senate leaders urging them to reject a Biden administration proposal to require financial institutions to report information about gross inflows and outflows of all accounts above a de minimis threshold of $600.

 

9/23/2021 update

ABA Banking Journal Podcast: Breaking Down the Tax Reporting Proposal and it’s Path in Congress

Released in ABA Newsbytes 09/23/21

The fight on Capitol Hill over the Biden Administration’s controversial tax proposal is likely to go on for another four to six weeks, and the proposal may continue to be raised after that, according to ABA EVP James Ballentine. On the latest episode of ABA Banking Journal Podcast – sponsored by S&P Global Market Intelligence – Ballentine joins ABA’s Rob Nichols and John Kinsella to dig into the details of the proposal and its legislative outlook.

Ballentine, Nichols and Kinsella dig into the details of the proposal, including privacy concerns and operational challenges banks would face; examine the impact of the proposal on the unbanked rate; outline the current state of play on Capitol Hill and the near-term outlook; and discuss what bankers and their clients can do to take action. Click here to listen to the podcast.

 

 

 

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