Congress is considering a requirement for financial institutions to report to the IRS if you spend or receive more than $600 a year in your checking or savings accounts. This proposal would require reporting of annual transactions and not just annual income.
Some pushback has started discussions to raise the threshold minimum for reporting to $10,000 per year, but even so, nearly all Americans would have new data shared with the IRS if this measure passes.
TelComm Credit Union has concerns regarding the privacy of members’ accounts, the implementation of this reporting process and increased staffing expense.
Learn more about this proposal here, as well as measures you can take to make your voice heard by your government representatives.