As we are starting to receive some questions from members on the “proposed” IRS reporting, we wanted to pass on information as to the impact.
The proposal would force financial institutions to report inflow and outflow on all business and personal accounts with a balance of $600.00 or more. We as a credit union would not have a choice in reporting this information.
Here’s the link to the Grassroots Action Center if anyone would like to share your opinion with your representative about this proposed bill that would take effect in 2022,
Grassroots Action Center (cuna.org): https://www.cuna.org/advocacy/actions/grassroot-action-center.html?vvsrc=%2fcampaigns%2f87852%2frespond