Act Now: Oppose New IRS Reporting Requirements
While Fortifi Bank typically does not raise issues occurring in Washington with our clients, Congress is considering requiring financial institutions to report detailed information on client bank accounts to the IRS.
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 enacted, would require banks to report to the IRS detailed information on the inflows and outflows of every client account above $600. This raises serious questions about your right to privacy.
Congress is expected to vote on this new proposal in the coming days.
If you oppose such a proposal, we encourage you to contact your lawmakers at this link provided by the American Bankers Association: aba.social/ContactCongressContact your lawmakers