Washington Proposes IRS Bank Account Reporting
We care about you, your finances, and your account with Independence State Bank, so we want to let you know about a concerning proposal taking shape in Washington. Under the proposal, Independence State Bank would be required to report to the IRS on business and personal account deposits and withdrawals regardless of tax liability or customer consent.
While community banks do not endorse this proposal, consumers need to be aware of the potential effects. It would infringe on the privacy of bank customers and provide the IRS with more personal information about American citizens than it can possibly process or keep safe from a data hack.
If you want to learn more about this proposal or share your opinion with Washington before this bank IRS reporting requirement is enacted, visit banklocally.org/privacy. You will find a customizable message that will be sent directly to members of Congress.
We value your business and privacy and want to make sure you have all the information you need regarding your finances and your money. We look forward to continuing to serve you and our communities.