Congress is expected to take up budget-reconciliation legislation this week.  Below is a Facebook post from Citizens National Bank from 9/10/21 regarding this legislation.

We care about you, your finances, and your account, so we want to inform you about proposed legislation which will affect your financial privacy.
If passed, the proposal would require financial institutions to report a larger range of information about your account to the IRS.
This new reporting plan could force banks to report the inflows and outflows on all personal and business accounts with a balance of $600 or more. We would not have a choice in reporting this information to the IRS.
Join us in telling Congress that the proposed IRS bank account profiling is an unacceptable invasion of privacy for you, our customer.
Contact your lawmakers today and express your opposition to any new IRS reporting here:…/michigan…/
Take action today!
Time is of the essence for your voice to be heard in Washington.