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Got this letter from my finacial institute today.

SoCalDave

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Dear David,

We would like to make you aware of legislation under consideration by U.S. lawmakers that has alarmed the credit union movement and ask for your help in preventing an unprecedented grab of your personal financial data by the Internal Revenue Services (IRS).


Congress is currently considering new infrastructure spending and is considering unconventional sources of revenue to fund their plans. One proposal being considered would require all financial institutions, like Credit Union of Southern California (CU SoCal), to report to the IRS many activities on accounts with annual inflows or outflows of $600 or more.  


This proposal is very concerning for several reasons:


It violates the personal privacy of consumers like you by forcing credit unions and other financial institutions to provide the government with information that does not reflect taxable activity.   The IRS uses antiquated data systems to store taxpayer data that have been compromised in recent years, risking exposure of your personal financial information.
We feel there are more effective and far less intrusive methods to achieve their stated goal than collecting information on the daily financial transactions of law-abiding American families.


What We Ask Of You

At CU SoCal, we value civic engagement and believe it’s our duty to inform you when legislation is being discussed that could directly affect you.

Please tell Congress to reject this new IRS reporting provision. Add your voice to this important effort. It just takes a minute. Click this link to learn more and to send a pre-written email to your Congressional representative.

Thank you for your consideration.


Sincerely,

Dave Gunderson
President and CEO
Credit Union of Southern California
 

TimeBandit

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This is real. Bank reporting is a component of biden's 3.5 trillion dollar public welfare bill.

They already know your interest payments now they're going to know the balance, the inflows and the outflows.... so you must report all income or else be ready for an audit.
 

LazyLavey

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Gonefishin5555

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The IRS can’t even take a phone call right now so what makes you think they would be able to do anything with this information. It’s scary how Congress thinks. They will attempt to raise revenue by doing the equivalent of a speed trap. Make up some bullshit rule and if you don’t comply they fine you up the ass.
 

DWC

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The IRS can’t even take a phone call right now so what makes you think they would be able to do anything with this information. It’s scary how Congress thinks. They will attempt to raise revenue by doing the equivalent of a speed trap. Make up some bullshit rule and if you don’t comply they fine you up the ass.
Guessing they’ll have a little more time.
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Ace in the Hole

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bet they are not looking at the tables of cash biden left in opium land!

Lithium and rare earth mineral mines that the Taliban handed over to the Chinese will make that look like monopoly money. Joe's crackhead son is knee deep in this and Biden is paying his debts to Xi for helping him become president....call me a conspiracy theorist..idgaf...This whole things wreaks of shit.
 

bilz

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I got the letter also. Same CU.
Everyone willing to leave an e trail (think venmo,debit card, zelle)instead of the cash game have made it easy for them to find their next cash cow.
 

HB2Havasu

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The IRS can’t even take a phone call right now so what makes you think they would be able to do anything with this information. It’s scary how Congress thinks. They will attempt to raise revenue by doing the equivalent of a speed trap. Make up some bullshit rule and if you don’t comply they fine you up the ass.
Yeah I’m still waiting for my 2020 tax refund and you can’t even call them anymore to get a status. When you go online it just states they are working on it. Bullshit! I filed in February and their holding my money for an interest free loan for 7 months now. 🤬

This $600 dollar rule is just more government over reach from a Socialist Regime.
 

sonicss31

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Yeah I’m still waiting for my 2020 tax refund and you can’t even call them anymore to get a status. When you go online it just states they are working on it. Bullshit! I filed in February and their holding my money for an interest free loan for 7 months now. 🤬

This $600 dollar rule is just more government over reach from a Socialist Regime.
Yea it sucks, I’m in the exact same situation as you are. Tried to go to local office in person to discuss. No way. Everyone still working from home. Bullshit.
 

OLDRAAT

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Got ours Friday from both banks we use. This is real and a crock of shit per my attorney.
Our ineffective Gubment needs to go after the real violators rather than folks who have worked hard to put money into accounts for our future and security.
 

J.P.

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In my mind it did not matter if you voted for Biden or not they planned to make him president anyway just to show everyone,.. hey we run this mother fucker and do what we want because we control that position. After the election shit show I was pretty convinced..
 

Ziggy

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Lol, time to keep my bank balance <$599 and get a shoe box for the rest that I lost in a boating incident.
 

AZLineman

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Part of Biden's redistribution of wealth plan. Rob money from those who have, to pay for his handing out of free money to those who don't!
Gotta make up for the billions worth of armament handed to the taliban. We should be getting a refund for that shit. I did not pay crazy ass taxes for that. Fuk joe and the ho who is freeing hard core criminals. Fuk this shit in congress searching for ways to take. Joes path to socialism at its finest. Its absurd they are still in power. Redistribute joe and the ho’s money and strip them of their power immediately.
 

bilz

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The $600 thing is so their pool of hired voters will spend the hand out and not save it.
 
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