Page 1 of 6 123 ... LastLast
Results 1 to 10 of 58

Thread: The IRS wants banks to report on transactions as low as $600

  1. #1
    Join Date
    Dec 2010
    Location
    North Texas
    Posts
    586
    Feedback Score
    1 (100%)

    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/co...lert-from-icba
    Last edited by TexHill; 09-01-21 at 14:40.
    A person who is not inwardly prepared for the use of violence against him is always weaker than the person committing the violence. - Aleksandr Solzhenitsyn, The Gulag Archipelago

  2. #2
    Join Date
    Apr 2008
    Posts
    2,038
    Feedback Score
    1 (100%)
    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....
    The truth can only offend those who live a lie.

  3. #3
    Join Date
    Jan 2010
    Posts
    1,222
    Feedback Score
    9 (91%)
    Very communist.


    Sent from my iPhone using Tapatalk Pro

  4. #4
    Join Date
    Mar 2007
    Posts
    1,128
    Feedback Score
    14 (100%)
    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.

  5. #5
    Join Date
    Apr 2008
    Posts
    2,038
    Feedback Score
    1 (100%)
    Quote Originally Posted by signal4l View Post
    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.
    The truth can only offend those who live a lie.

  6. #6
    Join Date
    Jul 2010
    Location
    Nevada
    Posts
    421
    Feedback Score
    2 (100%)
    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/d...ike-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/fil...nce-Agenda.pdf

  7. #7
    Join Date
    Apr 2008
    Posts
    2,038
    Feedback Score
    1 (100%)
    Quote Originally Posted by sandsunsurf View Post
    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/d...ike-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/fil...nce-Agenda.pdf
    Orwell wasn't too far off was he? The All Seeing Eye....
    The truth can only offend those who live a lie.

  8. #8
    Join Date
    May 2011
    Posts
    11,780
    Feedback Score
    2 (100%)
    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?

  9. #9
    Join Date
    Feb 2016
    Location
    North Alabama
    Posts
    3,793
    Feedback Score
    19 (100%)
    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

  10. #10
    Join Date
    May 2011
    Posts
    11,780
    Feedback Score
    2 (100%)
    Quote Originally Posted by AndyLate View Post
    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.

Page 1 of 6 123 ... LastLast

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •