Congress removed the IRS reporting requirements from the written proposal. However, the IRS and Janet Yellen, Secretary of the U.S. Treasury Department, are insisting that the reporting requirement be inserted into the bill. Take time to read more, share with your family and friends, and contact your lawmaker today.
Email sent to customers on September 3, 2021:
RCB Bank cares about you, your finances and your account, so we want to let you know about a concerning proposal developing in Washington, D.C.
According to the American Bankers Association,
“This proposal [in the American Families Tax Plan] would require financial institutions and other providers of financial services to track and submit to the IRS information on every account with a balance greater than $600 the sum of all transactions throughout the year.
Policymakers must consider how account-holder data would be protected and whether a program of this scale and scope infringes on the American people’s reasonable expectation of privacy.
IRS experiences 1.4 billion cyberattacks annually, has had multiple data breaches, and continues to deal with the fallout of identity theft and false tax returns. Adding an entirely new set of data may compound the IRS’s systemic problem and expose even more taxpayer data.”
If passed, reporting of this information would be required by your federal government annually of all financial institutions.
To learn more about the proposal and how to make your voice heard by policymakers, visit
- Independent Community Bankers of America Consumer Alert: https://www.icba.org/bank-locally/consumer-alert-from-icba
- American Bankers Association Letter to Chair and Ranking Member: https://www.aba.com/advocacy/policy-analysis/joint-aba-sba-letter-to-chair-and-ranking-member-financial-institution-income-tax-reporting
We value your business and privacy, and want to make sure you have all the information you need regarding your finances and your money.
As always, thank you for allowing us to serve your banking needs.
CEO & President