Dynamic Federal Credit Union
 
 


Dynamic Federal Credit Union
900 E. Wayne Street
Celina, OH 45822

Phone: 419.586.5522
Toll-Free: 844.586.5522
Fax: 419.586.5522

email us

24 Hour Access Telephone Banking

You are now able to access your account anywhere in the United States, anytime day or night.
To check your balance, previous transactions, or to transfer funds dial:

419.586.5515


2021 IRS Rule

New IRS proposal could affect your accounts and how your credit union operates

As Congress considers new infrastructure spending, lawmakers are exploring unconventional sources of revenue to fund plans. One proposal under consideration affects Dynamic Federal Credit Union and our members -- it would require that your credit union (along with other financial institutions and popular apps like Venmo and PayPal) report to the Internal Revenue Service (IRS) how much money has gone into and out of all accounts with more than $600 in them.

The proposal is designed to close the tax gap. The financial reports would allow the IRS to compare how much cash came through a person’s accounts to how much was reported each year on income tax forms. That can include cash not reported by those who don’t list all their tips, people doing gig work for cash, side jobs paid in cash, people who sell crafts or products from home.

We value our members privacy and the security of their data, and this possible unprecedented access to your finances violates your personal privacy by forcing credit unions and banks to provide the government with information that does not reflect taxable activity.

The Ohio Credit Union Movement’s Response

Credit unions across the state strongly object to the proposal, which would be an unwarranted infringement on the privacy of our members and create complex new reporting burdens. Ohio’s credit unions sent more than 1,300 messages to Ohio’s congressional delegation asking them to allow credit unions to best serve their members rather than having to focus on burdensome reporting requirements. Nationally, we’ve seen credit unions send more than 75,000 messages. This had a direct impact as more than 140 members of Congress (including Ohio Reps. Gibbs, Jordan, Gonzalez, Davidson, Wenstrup, Latta, and Balderson) signed onto a letter opposing the provision.

Our advocacy messages highlight that new IRS bank account mining would:
  • Be intrusive and indiscriminate for our members.
  • Increase taxpayer complexity and confusion.
  • Enlist credit unions as agents of the IRS while imposing new reporting burdens.
  • Expose credit unions to penalties for inadvertent errors.
  • Channel more information into the IRS than it can process.

This provision was omitted from the bill during its markup in the House Ways & Means Committee. However, we can’t let up as this provision could reappear at any time before the legislation is enacted.

What Can You Do?

At https://www.cuna.org/advocacy/actions/grassroot-action-center.html?vvsrc=%2fcampaigns%2f87852%2frespond, credit union members can send a customizable message to their U.S. Representative expressing concern with the proposal and urging opposition. As always, Dynamic Federal Credit Union urges our members to get involved and join us in this effort to fight for the average consumer.

Please let us know if you have any questions. We look forward to continuing to serve you and our community.

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