In September, Ohio Valley Bank joined the American Bankers Association’s opposition to the proposed new IRS reporting requirements and since then has been letting their customers know about this important issue before Congress.
Through the proposed changes, financial institutions (including banks, credit unions, and companies like Paypal, Venmo, and Chime) will be forced to provide to the IRS inflow and outflow information on any bank account with $600 or more. At this time, the proposed changes have not been put in place, however Congress could be voting to enact the changes soon. OVB encourages concerned citizens to contact their legislators to voice their opposition to the proposed requirements as soon as possible.
Customers can call Congress now by visiting https://secureamericanopportunity.com/take-action/call-congress-now-oppose-new-irs-reporting-requirements/. To send a letter to Congress, visit https://secureamericanopportunity.com/take-action/oppose-new-irs-reporting-requirements-take-action/.