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American Families Plan Proposal: Proposed IRS Reporting

In May 2021, President Biden, as part of the American Families Plan, proposed that financial institutions should report consumer and business account activity exceeding $600 annually to the Internal Revenue Service (IRS).

While a decision on the proposal has yet to be determined, Centennial Bank encourages its customers to write their lawmakers expressing their opinion regarding the proposal.

If you oppose such a proposal, we encourage you to contact your lawmakers at this link provided by the American Bankers Association:

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