SPECIAL NOTICE TO OUR CUSTOMERS 9/21/2021
We typically do not raise issues occurring in Washington with our customers. The Biden Administration is proposing a sweeping expansion of tax information reporting aimed at raising revenue to help offset the cost of additional spending programs in the American Families Plan. The proposal, if enacted, would require banks to report detailed information on customer bank accounts to the IRS. This raises serious questions about Americans’ right to privacy.
Congress is expected to vote on this new proposal in the coming days.
Jersey State Bank is here to serve our customers and community. We encourage you to contact your lawmakers and express your opposition to this new, broad IRS reporting proposal. To assist with your response, a link is provided by the American Bankers Association: aba.social/ContactCongress