IRS Proposal in Congress

Congress is currently negotiating the 2022 budget bill, and one proposal has received a lot of attention. In order to generate more revenue by closing tax gaps, the proposal would task financial institutions with additional IRS reporting requirements. The current version, after several amendments, would include reporting any accounts with more than $10,000 in annual inflow or outflow.

This proposal would be a burden for Sandia Area and other financial institutions; but, more importantly, it’s our members’ account information we would be reporting. Please consider adding your voice in opposition of this measure. Click here to contact your US Senators and Representatives.