NEW IRS Proposal Could Affect Your Financial Account!
The Bottom Line:
Don’t jeopardize consumers’ personal financial privacy by allowing the IRS to access nontaxable deposit account information from credit unions and banks.
As Congress considers new infrastructure spending, lawmakers are considering unconventional sources of revenue to fund their plans. One proposal under consideration would require financial institutions, like CBI FCU, to report to the Internal Revenue Service (IRS) many activities on accounts with balances over $600. Such an unprecedented grab of your personal financial data raises several concerns:
This proposal would violate the personal privacy of consumers like you by forcing credit unions and other financial institutions to provide the government with information that does not reflect taxable activity.
The government relies on decades old data systems to store and secure IRS information. These systems have already been compromised in recent years, and the addition of this type of data only increases the likelihood of a future breach of your personal financial information.
What We Need from You
At CBI Federal Credit Union, we value civic engagement and believe it’s our duty to inform you when legislation is being discussed that could directly affect you.
Please consider voicing your concern to this important effort by visiting the CUNA Mutual website or send an email to your U.S. Representative. Tell Congress to reject this new IRS reporting provision.
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