Government Relations Call To Action
Reporting Transactions over $600 to IRS
Everyone wants banks to be the collector of information. Congress is trying to pass legislation that would require banks to report ALL transactions of more than $600 to the IRS. This is an outrageous attempt to force a private industry to do the Government's work. And, even if it were to make sense, the reports will be so voluminous that the chance of valuable information being caught is unlikely.
Each of our Republican Senators and Congressmen have assured us that they are opposed to this measure. Congressman Yarmuth, however, appears to be in support of this onerous collections and sharing of private information.
Please go here
to find a pre-drafted message. We are asking each banker in his district to send this letter. Feel free to make as many changes as you like to your letter.
In addition, ask your customers to send a letter as well. Customers can go here
to send a similar letter. Once bankers explain the specifics of this proposal, customers are outraged at the loss of privacy and potential security threat to their information.
This is URGENT!
Your KBA Legislative Team