Skip to Content
Close Icon

Industry News

Customer Alert on IRS Reporting Proposal

September 24, 2021

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.

A proposal in Washington would require all community banks and other financial institutions to report to the IRS on business and personal account deposits and withdrawals regardless of tax liability.

This indiscriminate, comprehensive bank account reporting to the IRS can soon be enacted in Congress and would create an unacceptable invasion of privacy for our customers that could harm small businesses.

Recent Independent Community Bankers of America polling conducted by Morning Consult found that 67 percent of voters oppose the proposal, which would be an excessive government intrusion that could hurt small businesses by double-taxing their income.

If you want to make your voice heard by policymakers or learn more about this proposal, visit banklocally.org/privacy. We value your business and privacy and want to make sure you have all the information you need regarding your finances and your money.

Let’s work together to spread the word about the flaws in this misguided proposal—on Capitol Hill and in local communities nationwide. #KeepMyBankingPrivate banklocally.org/privacy