Proposed IRS Reporting Requirements and How You Can Address Your Representatives
Dear Member,
As your member-owned community Credit Union, we care about you, your privacy, and your accounts with Carolina Trust Federal Credit Union. That is why I would like to bring to your attention a recent tax reporting proposal in Washington, which could impact you financially and potentially expose your personal information.
Congress is currently reviewing this proposal, requiring all financial institutions to report deposits and withdrawals of $600 or more regardless of tax liability from business and personal accounts to the IRS.
This proposal would violate our member's privacy by forcing your credit union to provide the government with information that does not necessarily reflect taxable activity and possibly put your financial information at risk as various revenue departments' data have been compromised in the past.
I encourage you to research this matter and make your voice heard by contacting your Congressman/Congresswoman and Senators. Please click here to learn more and to submit a pre-drafted letter through our national grassroots action center.
Carolina Trust Federal Credit Union values your membership, business, and privacy and will continue to put you, our members, first as we have since 1958.
Sincerely,
Tim Carlisle
President/CEO
As your member-owned community Credit Union, we care about you, your privacy, and your accounts with Carolina Trust Federal Credit Union. That is why I would like to bring to your attention a recent tax reporting proposal in Washington, which could impact you financially and potentially expose your personal information.
Congress is currently reviewing this proposal, requiring all financial institutions to report deposits and withdrawals of $600 or more regardless of tax liability from business and personal accounts to the IRS.
This proposal would violate our member's privacy by forcing your credit union to provide the government with information that does not necessarily reflect taxable activity and possibly put your financial information at risk as various revenue departments' data have been compromised in the past.
I encourage you to research this matter and make your voice heard by contacting your Congressman/Congresswoman and Senators. Please click here to learn more and to submit a pre-drafted letter through our national grassroots action center.
Carolina Trust Federal Credit Union values your membership, business, and privacy and will continue to put you, our members, first as we have since 1958.
Sincerely,
Tim Carlisle
President/CEO
