Customer Alert: IRS Reporting Mandate Proposed
As a community bank, we care about you and your financial wellbeing. We want you to be informed about a proposal taking shape in Washington which could impact you. If passed, the proposal would require financial institutions like MidWestOne to report the inflows and outflows on your personal and business accounts to the IRS.
Recent polling1 found that 67 percent of voters oppose the proposal. We believe this proposal would be an excessive government intrusion of individual privacy.
If you want to make your voice heard by policymakers or learn more about this proposal, visit banklocally.org/privacy. MidWestOne values our relationship with you, and we are committed to safeguarding your privacy.
We look forward to continuing to serve you and our community.
1Commissioned by Independent Community Bankers of America and conducted by Morning Consult