Michigan City, IN — Horizon Bank urges consumers to review the recent proposed Internal Revenue Service (IRS) tax reporting legislation and take action to oppose if they disagree.
The Biden administration is proposing an expansion of tax information reporting aimed at raising revenue to help offset the cost of additional spending programs in the American Families Plan. They recently have endorsed raising the de minimis threshold for its reporting proposal from $600 to $10,000. With that, financial institutions would be required to report information on gross inflows and outflows for all accounts above that $10,000 threshold.
The American Bankers Association (ABA) and state bankers associations representing banks in urban, rural, and suburban communities across the country, have strong opposition to the proposed tax information reporting requirement.
Horizon Bank stands with the ABA against the aggressive IRS tax reporting proposal. This proposed legislation will be very expensive for banks and will increase tax preparation fees for individuals and small businesses. The legislation also raises concerns about customer’s privacy rights regarding banking transactions. There is no proper explanation of how the IRS will store, protect, and use this enormous amount of personal financial information.
Horizon Bank encourages their customers and consumers to evaluate this legislation. The ABA has established a website called Secure American Opportunity that has additional information about this proposal and also includes a customizable form letter that you can automatically send to your representatives in Congress if you oppose at: https://secureamericanopportunity.com/take-action/oppose-new-irs-reporting-requirements-take-action/
About Horizon Bancorp, Inc.
Horizon Bancorp, Inc. is an independent, commercial bank holding company serving Indiana and Michigan through its commercial banking subsidiary, Horizon Bank. Horizon Bancorp, Inc. may be reached online at www.horizonbank.com. Its common stock is traded on the NASDAQ Global Select Market under the symbol HBNC.
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Contact: Amy Phares
Public Relations Manager
Phone: (219) 874-9208
Fax: (219) 873-2628