Thursday, September 23, 2021

OBA highlights three points of action on IRS reporting proposal

As early as next week, Congress is expected to begin considering a new tax reporting requirement that would require banks to report information on account flows to the Internal Revenue Service. The proposal would require financial institutions to track and submit to the IRS information on every account that has a minimum balance of $600. This proposal raises serious data privacy and data security concerns, in addition to imposing new costs on small businesses and the financial institutions that serve them.

As we head into the weekend, the OBA wants to highlight three points of action on the IRS reporting proposal.

1) The OBA has reached out to every member of the Oklahoma delegation. As of today, there is no support for the proposal.

2) We also encourage you to reach out. In partnership with the ABA’s grassroots platform, bankers can contact their lawmakers through the link below.
https://secureamericanopportunity.com/take-action/oppose-new-irs-reporting-requirements/?utm_campaign=NEWSBYTES-20210909&utm_medium=email&utm_source=Eloqua

3) If you would like to encourage your customers to take action, feel free to use the sample language provided below.

Washington is at it again. There is a proposal that will impact your finances and your account, and we need your help!

The proposal would require financial institutions to track and submit to the IRS information on every account you have that has a minimum balance of $600.

This is one of the largest invasions of privacy to come out of Washington D.C. in generations. The IRS experiences over 1 billion cyber-attacks every year and if passed, your financial information would be at risk for one of these attacks.

If this proposal were to pass, all of your financial transactions would be reported to the IRS annually.

We need you to act now and contact members of the Oklahoma delegation in Washington. Let them know that this proposal is an invasion of privacy.

The link below will provide you information on the proposal and the opportunity to contact your members of Congress.
https://secureamericanopportunity.com/take-action/oppose-new-irs-reporting-requirements/?utm_campaign=NEWSBYTES-20210909&utm_medium=email&utm_source=Eloqua

As always, please reach out to us with questions or concerns.