Proposed IRS Reporting Requirements and Your Privacy
As your community bank, Sturgis Bank values the trust you have placed in us and takes the privacy of our customers seriously. Recently, the Biden Administration proposed a sweeping expansion of tax information reporting aimed at raising revenue to help offset the cost of additional spending programs in the American Families Plan.
The proposal, if enacted, would require all banks to report to the IRS detailed information on customer account inflows and outflows of $600 or more. These new reporting requirements raise serious questions about our customers’ right to privacy.
If you disagree with this invasive proposal, we encourage you to contact your lawmakers today and express your opposition. To make this process an easy one for you, we’ve partnered with the Michigan Bankers Association with the following online service that simplifies the process of letting your voice be heard: https://secureamericanopportunity.com/take-action/michigan-bankers-oppose-new-irs-reporting-requirements/