Notification to our Customers Regarding the Tax Reporting Proposal
on Monday, September 20, 2021
Your privacy is important to us, and we want to inform you about a tax reporting proposal by our Federal Government that may impact our customers.
The Government is proposing 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 banks to report to the IRS detailed information on the inflows and outflows of every customer account.
These new reporting requirements will create unnecessary and expensive burdens for banks and raise the cost of tax preparation for small businesses, but more importantly they raise serious questions about our customers’ right to privacy.
Congress is poised to vote on inclusion of this proposal in the budget reconciliation package in the next few days.
To learn more about this proposal or voice your concerns to your local lawmakers visit Contact Congress Now: Opposed New IRS Reporting Requirements, provided by the American Bankers Association: aba.social/ContactCongress.
Thank you for banking with Northwest Bank. We are committed to you and your financial privacy.