Congress' IRS Reporting Proposal

Congress is planning to enact the American Families Plan, which will require financial institutions, such as TEFCU, to report information to the Internal Revenue Service (IRS) about your account balances such as inflows and outflows for gross flows over $600, which is an invasion of your privacy.

Why does this matter?

The provision would require all financial institutions to send details of all transactions of all business and personal accounts with balances greater than $600 to the IRS without the accountholder’s consent or knowledge. The IRS and government should not have the ability to monitor your transactions or account details. This is an invasion of your privacy and a concern for your data security.

TEFCU cares about your privacy and has reached out to the Maryland Representative and Senators regarding this proposal. We also recommend that you reach out to your representatives and senators immediately to voice your opinion with the sample language below.

I write today to urge you to oppose efforts to establish new IRS reporting requirements for financial institutions within the American Families Plan proposal.  

The new IRS reporting requirements aimed at raising revenue to help offset the cost of additional spending programs in the American Families Plan is a complete invasion of my privacy.  The proposal, if enacted, would require my credit union to report to the IRS detailed information on the inflows and outflows of every member account above a certain threshold.  A threshold at any level is still an invasion of my privacy and I urge you to reject this provision to protect my privacy and data security.

Thank you for your consideration.

Thank you for your support!