At United State Bank, your privacy is of utmost importance to us.
The Biden Administration 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 approved, would require banks to report to the IRS detailed information on customer account inflows and outflows.
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.
Contact your federal lawmakers today and express your opposition to any new IRS reporting that leads to increased compliance costs, damages your customer relationships, and threatens customer privacy.