Consumer Alert!!!

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Earlier this year, the Biden administration proposed plans requiring banks to report to the IRS all gross inflows and outflows on financial accounts above $600.  As this proposal makes its way through Congress, bankers continue to express concerns.  The proposal, if adopted, would give the IRS more access to Americans’ bank accounts and sensitive financial information and would be a significant operational undertaking.  We encourage individuals concerned about this proposal to contact their State and Local Congressional Representatives to express their concerns.  Visit https://icba.quorum.us/campaign/IRS/ to write your Representatives with the online tool.