Lehrmann LLC

This is important. Even if it doesn’t apply to you right now, you should get involved, b/c the legislation is working its way towards you. Stop it now!

🚨Do you want the IRS to review every transaction in your bank account? If you do not then speak up 🗣 or they might get that power. 🚨This is worthy of your attention!!!

‼‼ UPDATE: This post was created September 10, 2021 to inform our customers of a tax law PROPOSAL regarding financial institutions to report certain inflow/outflow transactions to the IRS...however, it seemed to be just that - a proposal.
There is no mention of the same proposal when recently reviewing the Treasury's "General Explanations of the Administration's Fiscal Year 2024".
So, rest assured - at this point, there has been no such declaration for this to become a law. ‼‼

While The Missouri Bank does not normally engage on topics relating to politics, we feel there is an URGENT matter pending in Congress that needs your attention.

Because we care about you, your finances, and your account(s) with TMB, we want you to know the facts, especially when it relates to concerning developments around public policy that expose your financial privacy.

The Biden administration has proposed requiring all community banks and other financial institutions to report to the IRS on all deposits and withdrawals through business and personal accounts regardless of tax liability. This indiscriminate, comprehensive bank account reporting to the IRS can soon be enacted in Congress and will create an unacceptable invasion of privacy for our customers. So, how does this affect you? If passed, the proposal would require financial institutions, like ours, to report the inflows (deposits) and outflows (withdrawals) of $600 or more, on personal and business accounts to the IRS regardless of customers’ consent.

We work for our customers and our community, not the IRS. We encourage you to join us IMMEDIATELY in telling Congress that proposed IRS bank account profiling is indiscriminate and intrusive for our customers.

Click here to protect your privacy!
https://icba.quorum.us/campaign/IRSprivacy/

More information for the bill can be found at: https://home.treasury.gov/system/files/136/The-American-Families-Plan-Tax-Compliance-Agenda.pdf?fbclid=IwAR3S0rZg4wnZAvShO2Y64ASfeXYkW6ERwHQtbeHXoFMSBoRasQiIuJ6El7A

You can also view the General Explanations of the Administration's Fiscal Year 2022 Revenue Proposal (page 88) here:
https://home.treasury.gov/policy-issues/tax-policy/revenue-proposals

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