‘Connect for the Cause’ TODAY to Oppose IRS Requirements

IRS headquarters building

The California and Nevada Credit Union Leagues and the Credit Union National Association (CUNA) have activated a grassroots effort to combat a portion of the proposed $3.5 trillion spending package in Congress.

The proposal includes new IRS reporting requirements that would require financial service providers to report gross cash flows greater than $600 on all their accountholders. This almost assures that every financial institution, fintech and depository, will report information on every single accountholder.

While its intention is to go after tax cheaters, unfortunately this would give the IRS new access to private information about credit unions and their members, while also creating an unnecessary burden on credit unions.

Advocacy teams at the Leagues and CUNA, along with all others involved, are organized to push against this proposal. However, the White House is working diligently to see this pass as a part of its domestic agenda.

As this will be a largely partisan issue, the Leagues need the grassroots strength all credit unions to get the point across to Congress that this is a bad idea.

If you haven't already, please take a moment to invite your employees, members and everyone who can to visit the Leagues’ Connect For The Cause webpage on this important issue — and ask them to send a letter to Congress.

Although the content of the letters is important, Congress looks for letter count and volume. Representatives in the House typically need about 1,000 letters in a week to get a congressional legislator’s attention. For senators in California, the number is probably 10,000 in a week. For Nevada senators, 500 in a week will get their attention.

Please act TODAY! If you have questions, email Jeremy Empol or Emily Udell.

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