Keep the IRS out of your account!

Sep 27, 2021, 10:21 AM by Nuvision Credit Union 

IRS Reporting Alert

The IRS has proposed adding a reporting provision to the $3.5 billion spending bill currently being discussed in Congress, which will require financial institutions like Nuvision to report all transactional information about your spending habits to the Internal Revenue Service (IRS). 

We feel it is our responsibility to alert members about this concerning legislation and provide you with as much information as possible to help you push back against this infringement on your rights. The ones who will be impacted most by the provision are hard-working people like you.

What would be reported to IRS?

Under this proposal, credit unions, banks, and other financial service providers would be required to annually report the total of funds flowing through your accounts, including all deposits, payments, purchases, and transfers to other accounts outside of your primary account.

While their intention is to go after those that cheat our tax system, this potentially gives the IRS access to all of your account information. Requiring financial institutions to hand over all member transactional data is unprecedented and must be rejected as a clear violation of your privacy. 

We are committed to protecting your privacy—but we need your help.

To stop this provision from going through, we need you to voice your concerns. Your representatives need to know that you are not ok with sharing the details of your personal finances with the IRS.

The California and Nevada Credit Union League has put together supporting documentation, as well as suggestions for communicating your concerns, on their website. This is the easiest way for you to send a letter to Congress voicing your opposition. 

Nuvision’s mission is always to help you build your life with top-quality services and to provide a secure place for you to keep your hard-earned money. That means it is our job to alert you when a potential privacy violation like this arises. We are committed to standing up for our members and will be fighting this every step of the way.

Thank you for your attention to this attempt to access your private financial information. To take action now, please click here.

 

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