Well, this is a plot twist. Senators John Barrasso (R–Wyo.) and Raphael Warnock (D–Ga.) have teamed up on a rare bipartisan mission to make the IRS actually tell you when it’s poking around in your private financial business.
Right now, the IRS is supposed to give you a heads-up if it’s going to contact third parties, like your bank, your employer, or that one uncle who swears he’s a CPA. But there’s no requirement to say what they’re after. That’s like a grizzly saying, “Hey, I’m coming over… but I’m not telling you what I’m eating.”
Enter the Taxpayer Notification and Privacy Act. If passed, the IRS would have to:
- Spell out exactly what info it’s requesting and from whom.
- Give you 45 days to hand over the documents yourself before they start snooping.
- Drop the sneak attack on your local community bank, yes, even the one with the cowboy mural in the lobby.
Senator Barrasso says it plain: “Wyoming taxpayers shouldn’t have to worry about the IRS soliciting personal financial info behind their backs.” Meanwhile, Senator Warnock’s all about giving taxpayers “the tools they need to protect their own reputations.”
Translation: Fewer “surprise! We talked to your bank” moments.
Sure, there’s a carve-out if the IRS claims the info is too important to wait on, but at least this bill pushes for more transparency.
The local angle? For folks in Jackson Hole and everywhere in between, this means the next time the feds want a peek at your checking account, they might have to actually knock on the door first. Imagine that.
Until then, keep your receipts… and maybe your banker on speed dial.
AntlersArch founder and the voice behind Teton Tattle.
