Looking out for our customers’ best interests has always been a top priority of South Central Bank. The relationships we have with our customers are among our biggest assets, and we take that seriously.
As a commitment to keeping you informed of matters that could affect your bank, I wanted to inform you of a sweeping expansion of tax information reporting proposal aimed at raising revenue for the federal government to help offset the costs of additional spending programs in the American Families Plan. The proposal, if enacted, would require banks to report to the IRS detailed information on customer account inflows and outflows. Congress is poised to vote on inclusion of that proposal in the budget reconciliation package soon.
This provision would require all financial institutions to report the inflows and outflows of all personal and business accounts with a balance of $600 or more to the IRS. South Central Bank would be required to report this information on every account to the IRS. These new reporting requirements will create unnecessary and expensive burdens for banks and raise the cost of tax preparation for small businesses, but more importantly they raise serious questions about our customers’ right to privacy.
The relationships with our customers have always been protected by federal and state laws. This new proposal would be in direct conflict with existing privacy regulations and would provide previously confidential and personal data directly to the IRS. Once again, financial institutions would have no option and would be forced to supply your private information.
I invite you to make your voice heard by contacting our representatives. We have provided their published numbers below. You can also go to their websites and directly email them. South Central Bank values our relationship, and your privacy is a top priority. Thank you for entrusting South Central Bank with your finances.
Sincerely,
Tommy Ross, President/CEO
South Central Bank
- Senator Mitch McConnell 317 Russell Senate Office Building Washington, DC 20510 202 224-2541
- Senator Rand Paul 167 Russell Senate Office Building Washington, DC 20510 202 224-4343
- Congressman James Comer KY 1st District 2410 Rayburn HOB Washington, DC 20515 202 225-3115
- Congressman Brett Guthrie KY 2nd District 2434 Rayburn HOB Washington, DC 20515 202 225-3501
- Congressman John Yarmuth KY 3rd District 131 Cannon HOB Washington, DC 20515 202-225-5401
- Congressman Thomas Massie KY 4th District 2453 Rayburn HOB Washington, DC 20515 202 225-3465
- Congressman Hal Rogers KY 5th District 2406 Rayburn HOB Washington, DC 20515 202-225-4601
- Congressman Andy Barr KY 6th District 1427 Longworth HOB Washington, DC 20515 202-225-4706