IRS keeps wanting more information?

[CountValentine]

Dear Credit Union Member,

We believe it’s important to inform you when legislation is being discussed that could directly affect our membership. Congress is considering a new proposal that would require credit unions, and all financial institutions, to report to the Internal Revenue Service (IRS) on all business and personal accounts with any movement of monies, both in or out, of $600 or more. Given this low threshold, most―if not all―of our members would be impacted.

[gozalim]

Why are CUs the only place we're hearing this from?

[CountValentine]

Banks probably don't care.

[Kobe Bryant]

Banks probably don't care.

They absolutely do. This would be disastrous for them.

[gozalim]

And affects many individual customers as well

[CountValentine]

They absolutely do. This would be disastrous for them.

Why would it be disastrous?

[AsherO]

Why would it be disastrous?

Preparing/sending the data costs money?

[CountValentine]

Preparing/sending the data costs money?

...and it will be passed on to us like everything else.

[aygart]

Preparing/sending the data costs money?

To me this sounds like a one a year coming on the 3 existence of the account

[yesitsme]

https://www.google.com/search?q=irs+bank+reporting+over+600

[yesitsme]

https://www.bloomberg.com/news/articles/2021-09-29/banks-enlist-customers-to-kill-biden-s-account-data-reporting

[123-Rosh]

This is actually a great idea. This will cause all the cheaters to pay their fair share. Recent studies have shown that about 50% of all US taxpayers cheat on their taxes. This is revenue that could be used to fund climate change and LGBTQ justice policies. The more taxes the better for the economy.
I fully support this initiative. Please call your elected representative and tell it to vote yes on increasing IRS audits and bank reporting of all transactions.