At First Bank & Trust Company, we value your business and your privacy and want to ensure you have all the information you need regarding your finances and your money.
Lawmakers are proposing new bank reporting requirements which, if enacted, would require banks to report all inflows and outflows above $600 of your personal and business financial accounts to the IRS.
If passed, the proposed tax reporting requirement would result in:
- Diminished customer privacy and increased data security risk
- Increased tax preparation cost – particularly for small businesses
- Disconnect between Americans and the banking system
You can take action by contacting your congressional representatives and expressing your opposition to any new IRS reporting which could cause a potential threat to your financial privacy and security.