Shocking Proposal Would Make Banks Report Sensitive Info to IRS?!

When it comes to organizations that inspire trepidation and concern for many East Texans, the Internal Revenue Service is often on the list. Even for those of us who don't mind paying our fair share of taxes, there's still some level of anxiety for many.

The other day, I received a concerning letter from my financial institution alerting me to a new proposal from the White House. After hearing about this, you may want to contact your Congress Person immediately.

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The White House has proposed a new IRS reporting provision that requires financial institutions to report additional detailed account holder information. That would require credit unions and other financial institutions to report to the IRS all business and personal account deposits and withdrawals with a balance of more than $600!!! WHAT?

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This new proposal would result in banks and credit unions turning over to the IRS sensitive account details that do not constitute taxable events.

This would leave the IRS with a massive trove of personal financial data that would be used in a manner that is not detailed in the proposal and leaves the data vulnerable to a cyber-attack. CUNA (Credit Union National Association) has made the process easy to voice your opposition.

You will simply need to enter your name and address and it will pull your senator and representative in the prewritten email. That is easy and takes less than 3 minutes!

Please share this link with friends and family, even if they don't use a credit union. It's important to be as well-informed as possible.

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