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 act as an enforcement arm of the IRS. Our credit union, board leadership, and industry representatives are acting in the best interest of our members and have communicated this clearly and directly with our elected officials.”
The reconciliation bill has not been finalized and there is discussion of changing the initial proposal of $600 to $10,000. Changing the dollar amount is not the answer. This proposal of reporting is a major concern for consumer privacy and must be excluded in its entirety from the Build Back Better Act (BBBA).
Please visit the CUNA Grassroots Action Center for information on how you can contact your Federal Delegation.