View Full Version : The IRS wants banks to report on transactions as low as $600
I just got an email from my bank alerting me to a new proposal from the Biden Administration. Biden wants banks to report to the IRS the inflow and outflow on all personal and business accounts with a balance of $600 or more. More here:
https://www.icba.org/bank-locally/consumer-alert-from-icba
Which means the REAL floor is probably $250. Just like they now prosecute people for "structuring" transactions to fall below the supposed $10,000 reporting requirement. How would they KNOW you were structuring unless transactions under $10k were reported too? It's kinda self evident isn't it?
Basically, they want it all! They want to know EVERYTHING YOU ARE DOING or THINKING ABOUT DOING. It's the F'ing Stasi enabled by Bill Gates et al....
just a scout
09-01-21, 14:49
Very communist.
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We need some meaningful privacy legislation. It is frighteningly easy for Apple, Google, Bill Gates, Mark Zuckerberg or the .GOV to spy on us.
I wish we could put the genie back in the bottle and uninvent cell phones. Very convenient but also a gold mine of data for big government, big business.
We need some meaningful privacy legislation. It is frighteningly easy for Apple, Google, Bill Gates, Mark Zuckerberg or the .GOV to spy on us.
I wish we could put the genie back in the bottle and uninvent cell phones. Very convenient but also a gold mine of data for big government, big business.
I simply don't carry mine around anymore. 90% of the time I leave the damn thing in my desk etc....It worked for thousands of years, it's a habit as much as anything and one I'm personally breaking. I use cash for every purchase that I can and regularly make large withdrawals to support these purchases.
sandsunsurf
09-01-21, 15:16
We do need better banking privacy. It's crazy to imagine that banks may have to report our input and output. Sen Mike Crapo (R) from Idaho tried to add an amendment to the American Families Plan, but it was voted down in a strict party-line vote. This is also a reason for cryptocurrency..
Read this, but it isn't well written: https://dailycaller.com/2021/08/11/democrats-internal-revenue-service-banking-information-mike-crapo-irs/
And then here's an excerpt from the actual Treasury Dept's "American Families Plan Tax Compliance Agenda" page 19:
The new reporting regime would build from the framework of the Form 1099-INT reports that taxpayers already receive from financial institutions when they earn more than $10 in interest from a bank, brokerage, or other financial institution. Financial institutions would simply report additional data on the financial accounts of these existing information returns. Specifically, the annual return would report gross inflows and outflows on all business and personal accounts from financial institutions, including bank, loan, and investment accounts but carve out exceptions for accounts below a low de minimis gross flow threshold.
https://home.treasury.gov/system/files/136/The-American-Families-Plan-Tax-Compliance-Agenda.pdf
We do need better banking privacy. It's crazy to imagine that banks may have to report our input and output. Sen Mike Crapo (R) from Idaho tried to add an amendment to the American Families Plan, but it was voted down in a strict party-line vote. This is also a reason for cryptocurrency..
Read this, but it isn't well written: https://dailycaller.com/2021/08/11/democrats-internal-revenue-service-banking-information-mike-crapo-irs/
And then here's an excerpt from the actual Treasury Dept's "American Families Plan Tax Compliance Agenda" page 19:
The new reporting regime would build from the framework of the Form 1099-INT reports that taxpayers already receive from financial institutions when they earn more than $10 in interest from a bank, brokerage, or other financial institution. Financial institutions would simply report additional data on the financial accounts of these existing information returns. Specifically, the annual return would report gross inflows and outflows on all business and personal accounts from financial institutions, including bank, loan, and investment accounts but carve out exceptions for accounts below a low de minimis gross flow threshold.
https://home.treasury.gov/system/files/136/The-American-Families-Plan-Tax-Compliance-Agenda.pdf
Orwell wasn't too far off was he? The All Seeing Eye....
Averageman
09-01-21, 15:29
I'm very much wanting to move my banking outside the United States at this point.
I may well end up in the Jungle of the Philippines in the next year or so and I want to avoid as much of this mess as possible.
Anyone have any experiance with this?
So everyone in the US needs to regularly move money from account to account. Savings to checking, bank to bank. Kill data gathering with noise.
Andy
Averageman
09-01-21, 15:44
So everyone in the US needs to regularly move money from account to account. Savings to checking, bank to bank. Kill data gathering with noise.
Andy
Smoove Moove.
FromMyColdDeadHand
09-01-21, 16:00
$600 would basically mean that they see every transaction...
$15/hr is the new real minimum wage. And 40 hours a week times $15 is....... $600....
We need some meaningful privacy legislation. It is frighteningly easy for Apple, Google, Bill Gates, Mark Zuckerberg or the .GOV to spy on us.
I wish we could put the genie back in the bottle and uninvent cell phones. Very convenient but also a gold mine of data for big government, big business.
We need a new president and congress.
morbidbattlecry
09-01-21, 16:50
I'm dubious of a banks caring about costumer privacy.
I'm dubious of a banks caring about costumer privacy.
This would also mean an extra work load for the banks. It would also lead to a decrease in deposits which no bank wants.
Diamondback
09-01-21, 17:04
We need a new president and congress.
Presidents come and go, Congresses come and go... we need the Feral Gov Bureaucracy cut in half, then cut in half again, and probably in half AGAIN after that, and that's just for a start.
Which means the REAL floor is probably $250. Just like they now prosecute people for "structuring" transactions to fall below the supposed $10,000 reporting requirement. How would they KNOW you were structuring unless transactions under $10k were reported too? It's kinda self evident isn't it?
Basically, they want it all! They want to know EVERYTHING YOU ARE DOING or THINKING ABOUT DOING. It's the F'ing Stasi enabled by Bill Gates et al....
Plus they know most of the broke-dicks who vote "D" don't have shit anyway. The .gov has to track every penny to see if they're entitled to it.
They'll LOVE the $20K I just pulled out of savings (at one bank) and deposited in another bank with my checking to pay my house off! Please please please send someone to inquire about what I was doing!
We need some meaningful privacy legislation. It is frighteningly easy for Apple, Google, Bill Gates, Mark Zuckerberg or the .GOV to spy on us.
I wish we could put the genie back in the bottle and uninvent cell phones. Very convenient but also a gold mine of data for big government, big business.
And please remember to leave the damn thing at home if you're doing nefarious things......and keep in mind that is a VERY subjective category.
We do need better banking privacy. It's crazy to imagine that banks may have to report our input and output. Sen Mike Crapo (R) from Idaho tried to add an amendment to the American Families Plan, but it was voted down in a strict party-line vote. This is also a reason for cryptocurrency..
Read this, but it isn't well written: https://dailycaller.com/2021/08/11/democrats-internal-revenue-service-banking-information-mike-crapo-irs/
And then here's an excerpt from the actual Treasury Dept's "American Families Plan Tax Compliance Agenda" page 19:
The new reporting regime would build from the framework of the Form 1099-INT reports that taxpayers already receive from financial institutions when they earn more than $10 in interest from a bank, brokerage, or other financial institution. Financial institutions would simply report additional data on the financial accounts of these existing information returns. Specifically, the annual return would report gross inflows and outflows on all business and personal accounts from financial institutions, including bank, loan, and investment accounts but carve out exceptions for accounts below a low de minimis gross flow threshold.
https://home.treasury.gov/system/files/136/The-American-Families-Plan-Tax-Compliance-Agenda.pdf
And that would be your broke-dick "D" voters, dead and fake ones included!
So everyone in the US needs to regularly move money from account to account. Savings to checking, bank to bank. Kill data gathering with noise.
Andy
Neat idea. Maybe I'll just set up a couple of new accounts and just make a big ass daisy chain of auto pays.
Wonder how they'd like getting a hundred or so reports a month just from me? :)
And please remember to leave the damn thing at home if you're doing nefarious things......and keep in mind that is a VERY subjective category.
Odd how they can track the metadata of anyone they "want" to find but they can't seem to do it when it comes to Thug Life Matters or Antifafilth.
Presidents come and go, Congresses come and go... we need the Feral Gov Bureaucracy cut in half, then cut in half again, and probably in half AGAIN after that, and that's just for a start.
The bureaucracy isn't going away until we have a president and congress willing to do something about it. These two institutions have been directly responsible for the growth and out of control nature of the bureaucracy. If they won't take it on, there is zero hope of change.
Diamondback
09-01-21, 18:39
The bureaucracy isn't going away until we have a president and congress willing to do something about it. These two institutions have been directly responsible for the growth and out of control nature of the bureaucracy. If they won't take it on, there is zero hope of change.
Yeah, and we saw what happened to the guy who tried to prune even a LITTLE, with no support from even his own appointees never mind the other branches.
Biden wants banks to report to the IRS the inflow and outflow on all personal and business accounts with a balance of $600 or more.
Reporting balances of $600+ is much different than reporting transactions of $600+
Grand58742
09-01-21, 18:53
We need a new president and congress.
No, it goes way further than that.
I simply don't carry mine around anymore. 90% of the time I leave the damn thing in my desk etc....It worked for thousands of years, it's a habit as much as anything and one I'm personally breaking. I use cash for every purchase that I can and regularly make large withdrawals to support these purchases.I'm about to simply switch to the old flip phone from early 00s
Sent from my moto z4 using Tapatalk
Yeah, and we saw what happened to the guy who tried to prune even a LITTLE, with no support from even his own appointees never mind the other branches.
Then there is no hope of it ever changing...at least among men.
No, it goes way further than that.
Well of course it goes much further and deeper, but people don't want to talk about what's really wrong with people and presidents and congresses.
thepatriot2705
09-01-21, 21:20
I'm about to simply switch to the old flip phone from early 00s
Sent from my moto z4 using Tapatalk
Millennial here. My coworkers laugh at me when I say I’m switching to a flip phone when my iPhone dies.
Apple pissed me off when they started to use screens that need a specialized piece of hardware to tie screen to motherboard. Right to repair is more important than privacy to me. I know everything I do is tracked. Given my job and current place in life, there’s no way around it but I’m about to say **** it and go off grid. Big tech needs to eat shit
I'm very much wanting to move my banking outside the United States at this point.
I may well end up in the Jungle of the Philippines in the next year or so and I want to avoid as much of this mess as possible.
Anyone have any experiance with this?
Not sure what I think of the youtube channel nomad capitalist but its interesting and agree with a lot he seems a bit odd but good stuff I feel about having options
His tag line is “go where you are treated best”
I might be looking at having a 2nd home in Portugal or something ?
Crypto gov hates cause its hard to control wait till ours cracks down more
World wide real estate etc.
Business_Casual
09-02-21, 05:59
Here’s what’s going to happen: governments want a digital currency so they can control every aspect of your life. If you each too much, they shut down your account, if you travel too much, they cancel payment for the tickets, etc. You get the idea. What is happening in Europe is crime is being used by the government to justify shutting or suspending bank accounts of “suspected” and or “unexplained” sources of money. Next step will be digital currency and the social credit score system.
Keep using cash as long as you can!
Here’s what’s going to happen: governments want a digital currency so they can control every aspect of your life. If you each too much, they shut down your account, if you travel too much, they cancel payment for the tickets, etc. You get the idea. What is happening in Europe is crime is being used by the government to justify shutting or suspending bank accounts of “suspected” and or “unexplained” sources of money. Next step will be digital currency and the social credit score system.
Keep using cash as long as you can!
Yup. The old "If you are not doing anything wrong then you have nothing to hide line. If you are still using hard currency you must be a criminal."
I thought it would take a lot longer for that push to get here but maybe the success of herding the masses with COVID has them thinking they can move on that too.
Way past time to start stretching necks.
Millennial here. My coworkers laugh at me when I say I’m switching to a flip phone when my iPhone dies.
Apple pissed me off when they started to use screens that need a specialized piece of hardware to tie screen to motherboard. Right to repair is more important than privacy to me. I know everything I do is tracked. Given my job and current place in life, there’s no way around it but I’m about to say **** it and go off grid. Big tech needs to eat shit
Good for you. I have kept and continue to use my dumb slider phone. I do not need or want a smart phone surveillance device.
Millennial here. My coworkers laugh at me when I say I’m switching to a flip phone when my iPhone dies.
Apple pissed me off when they started to use screens that need a specialized piece of hardware to tie screen to motherboard. Right to repair is more important than privacy to me. I know everything I do is tracked. Given my job and current place in life, there’s no way around it but I’m about to say **** it and go off grid. Big tech needs to eat shit
Yeah I have had people look at me funny when I say I wait for my phone to completely die before getting a new one. I've had 4 smart phones since they started to become popular. Started with Motorola Droid X, I think, when they first came out, Samsung S4, another mid range Motorola something or other from 2016 till last year when the screen went. Bought another Motorola last summer.
Ive never been a techie but I always thought the new technology was cool. However, the older I get the less interested I am in it. At this point theres only 3 things of convenience that allow me to tolerate this nonsense and those are fast loosing their appeal.
1) GPS
2) something to do/read when waiting somewhere.
3) YouTube podcasts and other interesting content.
Good for you. I have kept and continue to use my dumb slider phone. I do not need or want a smart phone surveillance device.
Those still surveil you. It may or may not know your exact location based on your proximity to cell towers, but it knows where you're at. And then you get home to use the internet.
Sent from my moto z4 using Tapatalk
I'm very much wanting to move my banking outside the United States at this point.
I may well end up in the Jungle of the Philippines in the next year or so and I want to avoid as much of this mess as possible.
Anyone have any experiance with this?
The big issue with this plan is that they still expect you to pay taxes and file tax returns every year. They routinely reach outside the U.S. to punish expats for not doing so. They strongarm other countries into giving them your banking information, so they can seize assets. And no, it's not just millionaires+ they're targeting. Pensioner on a fixed income and you left because you couldn't afford to retire in the US? They're coming for you too.
The only way out of it is to renounce your US citizenship, which more and more Americans are doing every year. :(
I'm about to simply switch to the old flip phone from early 00s
Sent from my moto z4 using Tapatalk
Good luck finding a carrier that will support that.
Tried swapping my sim card to a new (older model but still unused) iphone 5s and everything locked up. Zero service at all. Tried putting the sim card back in my Xs and still locked up. No service whatsoever.
Guy at ATT store said they don't support anything older than iphone 6 now and that if I put my sim card in anything older than that (like I did with my 5s) that it will lock up again... They had to set me up with a new sim to get my service working correctly again.
Not saying the ATT was telling the truth cause those fools WILL tell lies to sucker people into buying new stuff they do not need but... I know for a fact there is not a damn thing wrong with my 5s phones (used one regularly not 6 months ago with the same exact sim card that my Xs uses - no issues then) but now - That stuff does not work with ATT.
Pisses me off cause I really liked being able to use my 5s phones as beater phones while working or doing stuff that could possibly result in a phone being damaged. Big difference in cost between a new 5s and a new Xs...
Those still surveil you. It may or may not know your exact location based on your proximity to cell towers, but it knows where you're at. And then you get home to use the internet.
You would be surprised at how many still use pre-paid service.
That service can be bought and paid for without ever giving anyone your real name or any banking / credit card info associated with you directly. Monthly bills can easily be paid for with a prepaid debit card you got at the local grocery store and paid for with cash...
Think you are being tracked? Simply remove the sim card.
Good luck finding a carrier that will support that.
Tried swapping my sim card to a new (older model but still unused) iphone 5s and everything locked up. Zero service at all. Tried putting the sim card back in my Xs and still locked up. No service whatsoever.
Guy at ATT store said they don't support anything older than iphone 6 now and that if I put my sim card in anything older than that (like I did with my 5s) that it will lock up again... They had to set me up with a new sim to get my service working correctly again.
Not saying the ATT was telling the truth cause those fools WILL tell lies to sucker people into buying new stuff they do not need but... I know for a fact there is not a damn thing wrong with my 5s phones (used one regularly not 6 months ago with the same exact sim card that my Xs uses - no issues then) but now - That stuff does not work with ATT.
Pisses me off cause I really liked being able to use my 5s phones as beater phones while working or doing stuff that could possibly result in a phone being damaged. Big difference in cost between a new 5s and a new Xs...https://www.t-mobile.com/cell-phone/alcatel-go-flip-3
https://www.amazon.com/dp/B075FL4H89?tag=aboutcom02lifewire-20&linkCode=ogi&th=1&psc=1&ascsubtag=577534%7Cn7b0257ff0fd94b6cb6b878fe8f4543db00
Sent from my moto z4 using Tapatalk
You would be surprised at how many still use pre-paid service.
That service can be bought and paid for without ever giving anyone your real name or any banking / credit card info associated with you directly. Monthly bills can easily be paid for with a prepaid debit card you got at the local grocery store and paid for with cash...
Think you are being tracked? Simply remove the sim card.Just google tracking phone without a sim card! Doesn't even need to be powered on let alone have a sim card!!
Sent from my moto z4 using Tapatalk
Just have to learn to be more creative and find workarounds. Paychecks are for paying bills. Side jobs/gigs are cash and stay cash.
Just have to learn to be more creative and find workarounds. Paychecks are for paying bills. Side jobs/gigs are cash and stay cash.
Some folks don't have the skills or tools to do side gigs. I feel bad for them. With a name like a1fabweld, I imagine you have the skills and tools. I own lots of stuff that can make side money, but I'd never do anything like that. Wouldn't be honest. :rolleyes:
You would be surprised at how many still use pre-paid service.
That service can be bought and paid for without ever giving anyone your real name or any banking / credit card info associated with you directly. Monthly bills can easily be paid for with a prepaid debit card you got at the local grocery store and paid for with cash...
Think you are being tracked? Simply remove the sim card.
Doesn't matter. They can still use the data to build pattern of life profiles--and that's how target packages are made. They don't have to know exactly who you are, just what you're doing and who else you're talking to. People were targeted with that sort of data all the time in Iraq.
For absolutely no reason whatsoever, I'm starting to research bitcoin transactions. You know, just for "informational interest". :p
Averageman
09-03-21, 12:33
I would guess, I could go down to my local bank and empty my savings account and get me about 1000 $600 dollar accounts.
Boy that would rive them buggy when I start moving money between them.
There fixed it for you ....... The bureaucracy isn't going away until we have a president and congress that are not for sale !
Doesn't matter. They can still use the data to build pattern of life profiles--and that's how target packages are made. They don't have to know exactly who you are, just what you're doing and who else you're talking to. People were targeted with that sort of data all the time in Iraq.
This is where I really got them...
I have multiple personality disorder big time. No idea who I will be tomorrow. :)
Some folks don't have the skills or tools to do side gigs. I feel bad for them. With a name like a1fabweld, I imagine you have the skills and tools. I own lots of stuff that can make side money, but I'd never do anything like that. Wouldn't be honest. :rolleyes:
Nope, no skills or tools. Just a white collar guy who can’t change a lightbulb and gets a paycheck ;-)
Nope, no skills or tools. Just a white collar guy who can’t change a lightbulb and gets a paycheck ;-)
1) Let bulb cool off or use welding glove to grasp bulb.
2) To remove bulb, remember, "Lefty Loosey"
3) To install new bulb, remember, "Righty Tighty" :D
Just google tracking phone without a sim card! Doesn't even need to be powered on let alone have a sim card!!
My wife watches the ID Channel a LOT. You know, the channel with tons of murder shows. Makes me wonder sometimes......:rolleyes: Nonetheless, as I was on the computer one evening not long ago I overheard some detective on one of her kill shows saying something to the effect of "We told him it was highly unusual that someone left home without their cell phone, could he explain that?" Apparently the suspect wasn't "pinging" off towers near where the crime occurred and they were convinced he did it. Makes me think that in 2021 some prosecutor could actually use that as a negative fact for the defendant, i.e. you are expected to take your cell phone with you wherever you go. Doing so is an automatic red flag for the authoritahs.
Welding gloves? What are those?
Think you are being tracked? Simply remove the sim card.
Started to address this, but never mind
I would guess, I could go down to my local bank and empty my savings account and get me about 1000 $600 dollar accounts.
Boy that would rive them buggy when I start moving money between them.Thats almost the definition of "structuring"
titsonritz
09-03-21, 21:55
Swell, can't even buy a decent pair of boots with the IRS knowing my business.
https://whitesboots.com/lineman/lineman-pro-electrical-hazard/
Welding gloves? What are those?
For sticking your hands together, of course. I think people wear them in church.
Andy
My employee's spouse went to India and was quarantined. They enforced the quarantine by tracking his phone, so the police wanting to know why a suspect would leave home with no phone makes sense.
Andy
Welding gloves? What are those?
Those are to protect your hands from the harmful signals emitted by cell phones so your hands don't get cancer and rot off.
Those are to protect your hands from the harmful signals emitted by cell phones so your hands don't get cancer and rot off.
Oooohh, I see. I thought welding gloves were those thingies my hunky beefcake man lover uses to take the tofu casserole out of the oven with.
Oooohh, I see. I thought welding gloves were those thingies my hunky beefcake man lover uses to take the tofu casserole out of the oven with.
You are pretty lucky if you have welding gloves, a hunky beefcake man lover, AND tofu casserole coming out of the oven.
:)
You are pretty lucky if you have welding gloves, a hunky beefcake man lover, AND tofu casserole coming out of the oven.
:)
Indeed I am lucky!
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