Proposed IRS Reporting Requirements
The Biden Administration is proposing that all financial institutions be required to report annual information returns to the IRS on the inflows and outflows of all business and personal accounts totaling over $600 in a given year. If this passes, America First would be required to comply. The credit union is opposed to this, and we are currently working with our Congressmen and Senators in Washington to express our concerns. “We don’t trust anyone with our members’ sensitive information”, said Thayne Shaffer, president and chief executive officer at America First Credit Union. “America First is opposed to being compelled to…
