New IRS Proposal Could Affect Your Account
September 22, 2021
As Congress considers new infrastructure spending, lawmakers are exploring unconventional sources of revenue to fund plans.
One proposal under consideration effects our members – it would require that SPELC FCU (along with other financial institutions) report to the Internal Revenue Service (IRS) how much money has gone into and out of accounts with more than $600.00 in them.
We value your privacy and security of your data, and this proposal could directly affect you:
- This possible unprecedented access to your finances violates your personal privacy by forcing SPELC, along with other credit union and banks, to provide the government with information that does not reflect taxable activity.
- The IRS would be collecting more personal financial data than is needed, making more consumer data vulnerable to cyber-attacks.
Plus, financial institutions in rural and low-income communities (like SPELC) would face new and expensive regulatory restrictions that could take away from resources used to serve members already left behind by the big banks.
What can you do:
You can learn more and also ask Congress to reject this new IRS reporting provision. Click the link below (You will be leaving SPELC FCU website and going to Cuna Mutual website) https://www.cuna.org/advocacy/actions/grassroot-action-center.html?vvsrc=%2fcampaigns%2f87852%2frespond
PLEASE NOTE! Once you click on the link above, you will need to complete your name, address and email address and it will direct your email to your congressmen for your district.
Thank you for staying informed and considering to lend your voice to important efforts!