As your community bank, we want to keep you updated on developments surrounding the recent IRS Bank Reporting Proposal that we alerted you about last week.
With bipartisan opposition growing against the plan — which would require Banks to report information to the IRS on accounts with more than $10,000 — lawmakers appear to have dropped the proposal from Congress's latest spending bill.
The news comes after financial institutions across the country made their customers aware of the plan, which resulted in intense pushback from the public (and customers like you).
While the proposal has been dropped from the House bill, there is still a possibility that it could be added back at a later point in the legislative process.
We will keep you updated on the latest developments on our website page, including links to resources and ways to contact your government representatives.
