WE NEED YOUR HELP!

WE NEED YOUR HELP!
Tell Congress to oppose new IRS reporting provisions that will require all financial institutions to report how much money has gone into and out of accounts holding more than $600.
While Jersey Shore Federal Credit Union does not normally engage on topics relating to politics, we felt our members should be aware of the proposal, especially when it relates to their finances and take action. 

As Congress considers critical new infrastructure spending, policymakers are eying unconventional sources of revenue to fund their plans. One proposal under consideration would require credit unions and other financial institutions to report to the Internal Revenue Service (IRS) how much money has gone into and out of accounts holding more than $600.

Specifically, the Proposal in the General Explanations of the Administration's Fiscal Year 2022 Revenue Proposal  in the following U.S. Department Of The Treasury link:  https://home.treasury.gov/policy-issues/tax-policy/revenue-proposals (Click on FY2022) on page 88 reads: 

This proposal would create a comprehensive financial account information reporting regime.  Financial institutions would report data on financial accounts in an information return. The annual return will report gross inflows and outflows with a breakdown for physical cash, transactions with a foreign account, and transfers to and from another account with the same owner. This requirement would apply to all business and personal accounts from financial institutions, including bank, loan, and investment accounts, 2 with the exception of accounts below a low de minimis gross flow threshold of $600 or fair market value of $600.   

This unprecedented access to consumers’ personal financial data raises several alarms.

  • This proposal would violate consumers’ personal privacy by forcing credit unions and banks to provide the government with information that does not reflect taxable activity.
  • Financial institutions—particularly those in rural and low-income communities—would face unnecessary and expensive regulatory hurdles that could make it difficult to serve those residents.
  • The government relies on decades old data systems to store and secure IRS information. These systems have already been compromised in recent years, and the addition of this type of data only increases the likelihood of a future breach.


TAKE ACTION NOW!

Don’t jeopardize your personal financial privacy by allowing the IRS to access nontaxable deposit account information from credit unions and banks. We need everyone’s help. 

Please take a moment and go to the Grassroot Action Center and complete a short message form that will be sent to your Representatives in the US House and Senate identified by your zip code. You can use the messaging that is pre-typed or send a message in your own words.
 
Thank you so much and please don’t hesitate to reach out with any questions or concerns.