Congress-Don't give the IRS access to consumers' bank accounts
October 7, 2021
Credit unions and banks across the country are jointly opposed to an item being considered as part of the proposed $3.5 trillion reconciliation bill. The bill may include a provision requiring credit unions and banks report to the IRS the account transactions (deposits or withdrawals) of accounts that hold more than $600.
What does this mean for you, the consumer? An invasion of your privacy and potential additional taxes. This proposed fishing expedition is bad for consumers.
The proposal states that if your account balance is above $600 at any given time, your financial institution wil...