IRS rule requiring banks to report all transactions over 600$

[Mac4Lyfe]

Do people actually believe what you say? The gift allowance is on a year. I think it is 15,000 per person. I think he could get away with it because he has 2 parents . As long as he doesn’t just use one name. Also you tried to correct me but didn’t read where I said I made a mistake in the next . I have a Doing Business As or d.b.a. Acct.

Plus, all he has to do is put his name in a joint account with his parents. His money is his parents money. He's already paid taxes on his money, so the IRS doesn't give a shit about this transaction.

This will cause undue burden for the small banks. It will cost them a shit load of money to comply. This could be a way for the big banks to gobble them up.

[Optional]

Why would it cost banks lots of money to generate a regular report and give the data to the IRS?

Not that I like the idea. Just wondering why people think it's a big cost to banks.

[Mac4Lyfe]

Also, you and your spouse can both gift $15k each to anyone. So you could give Joe Blow $30k tax free.

If you are supporting your parents, you should think about adding them as dependents like your children. Also, why would you need to give your parents cash, if you are paying for everything for them? You buy them a house or rent them an apartment. Is it really there house or yours? Put your name on it. Are you buying them groceries or paying for the movies? Pay for it from your account. This is a non issue if you think ahead.

Don't be like a friend I know who sent over $300k of his drug money to his mom's checking account over several payments. That shit is easily discovered and to top it off it was over state lines. Don't be dumb.

[stevenash]

Why would it cost banks lots of money to generate a regular report and give the data to the IRS?

Not that I like the idea. Just wondering why people think it's a big cost to banks.

It wouldn't cost extra at all.'
I'm an I/T OPS analyst for an insurance company here.
I deal with actuarial reports on a weekly basis, life insurance, banking, retail, what ever the application is processed all pretty much the same way.
How much data that needs to be processed isn't the problem, any high end corporate computer can crank out those financial reports in nano seconds the problem is the man power specifically the trained tech qualified man power.

Your gazillion dollar Sunway is only as good as what goes into it.
GIGO
(Garbage in, garbage out)

[Mac4Lyfe]

Why would it cost banks lots of money to generate a regular report and give the data to the IRS?
Not that I like the idea. Just wondering why people think it's a big cost to banks.

There's always 2 sides of the story. Who really knows the truth. 2 of my credit unions sent me something in the mail about this issue, saying it would be cost prohibitive for them to comply. One thing is for sure, if this gets passed it will be because of bipartisan support not just because of Dems. looking into it more I found the following...

----------------------------------------------------------

Yellen defended the plan, telling the senator, “Banks already report directly to the IRS the interest that they pay on accounts when it exceeds $10, and this is not a proposal to provide detailed transaction-level data by banks to the IRS.”


The Biden Administration has proposed monitoring accounts over $600, but the only figures reported to the government would be the total inflows and outflows for the year – not the size and nature of each transaction. And the Treasury can't simply "declare" this measure, it must be approved by Congress.

the Biden administration cannot “declare” any change to the current law as the InfoWars headline asserts, as that is a legislative power that belongs to Congress.


If approved, the proposal would go into effect after Dec. 31, 2022.

[Mac4Lyfe]

Not sure who to believe. It does not seem overly burdensome for small banks to provide this information. Hell, they are already doing it. So why are they saying that it's more work? They are most likely protecting their wealthy clients. Also, Yellen is saying that it's the uber wealthy that are hiding assets in small amounts and having this data will help expose them. Here's some comments from a guy in Kentucky.


Kentucky’s community financial institutions are firmly opposed to this unnecessary IRS data sweep. They have written letters telling me they would face “an unprecedented, complex, and expensive new burden” that would stretch their limited resources thin. They believe it is wholly unreasonable to force credit unions and community banks “to become the policing arm of the IRS.” I thoroughly agree.


If you believe you can trust the IRS to keep your personal information safe, think again. Just this year, an IRS leak exposed sensitive financial data from several Americans — information that was quickly weaponized by the political left. This is the same IRS that made targeting conservative organizations a matter of internal policy under the last Democratic administration. Americans simply can’t trust the federal government to hold their financial information in confidence.

[MinnesotaFats]

There's always 2 sides of the story. Who really knows the truth. 2 of my credit unions sent me something in the mail about this issue, saying it would be cost prohibitive for them to comply. One thing is for sure, if this gets passed it will be because of bipartisan support not just because of Dems. looking into it more I found the following...

----------------------------------------------------------

Yellen defended the plan, telling the senator, “Banks already report directly to the IRS the interest that they pay on accounts when it exceeds $10, and this is not a proposal to provide detailed transaction-level data by banks to the IRS.”


The Biden Administration has proposed monitoring accounts over $600, but the only figures reported to the government would be the total inflows and outflows for the year – not the size and nature of each transaction. And the Treasury can't simply "declare" this measure, it must be approved by Congress.

the Biden administration cannot “declare” any change to the current law as the InfoWars headline asserts, as that is a legislative power that belongs to Congress.


If approved, the proposal would go into effect after Dec. 31, 2022.

...and the administration still hasn't given a response to why they should be entitled to warrantless supervision of transactions from non interest bearing accounts.

It's scary to think the treasury secretary and our President are actually promoting this.

Shows how illiterate our electorate is regarding rights.

All we hear about from liberals regarding medical and sexual rights is privacy....yet no privacy here. No rights here.

Doesn't matter is you're law abiding or not, you will be subject to warrantless surveillance by the Democrats.

You really need to be a full blown jerkoff to think this is rational or in your best interests...only a real sheep would fall for this bullshit.

How about this...a pilot program for all welfare recipients first. We monitor their accounts for fraud and what they're purchasing and then create new welfare policy & trim the rolls, so to speak.

If Democrats are willing to do this and kick 60 million off welfare for fraud, I'll lend my ear to hear their rational for this.

But they're not....it's not about eliminating fraud. It's about weapons zing the irs to go after working white males.

[stevenash]

There's always 2 sides of the story. Who really knows the truth. 2 of my credit unions sent me something in the mail about this issue, saying it would be cost prohibitive for them to comply..

"Cost prohibitive' is probably code for "we don't need the extra work involved"

Back in the day all reports were processed and then printed on impact printers.

Thousands and thousands of pages to be broken down and then sent to different appropriate departments (like accounting department and purchasing departments etc. etc.)

Back in the day companies would have to pay two print operators to print them off, an I/O clerk to break them down, a mail room staff to get the reports to the right people and departments....

That's cost prohibitive today, that's the way things were done in 1991, but it's 2021, no large company does this anymore.
Once the data is made available you don't need a 'hard copy' anymore, each and every department head or relevant employee has access to that data at their finger tip, in their cubicle via remote terminal.

No need for a mail room guy to deliver it up to you who waits for the I/O clerk to break it down who waits on the print operator to print it off.

Cost prohibitive?
If a data center is run correctly it's 10000 times more cost efficient foday.

[MinnesotaFats]

"Cost prohibitive' is probably code for "we don't need the extra work involved"

Back in the day all reports were processed and then printed on impact printers.

Thousands and thousands of pages to be broken down and then sent to different appropriate departments (like accounting department and purchasing departments etc. etc.)

Back in the day companies would have to pay two print operators to print them off, an I/O clerk to break them down, a mail room staff to get the reports to the right people and departments....

That's cost prohibitive today, that's the way things were done in 1991, but it's 2021, no large company does this anymore.
Once the data is made available you don't need a 'hard copy' anymore, each and every department head or relevant employee has access to that data at their finger tip, in their cubicle via remote terminal.

No need for a mail room guy to deliver it up to you who waits for the I/O clerk to break it down who waits on the print operator to print it off.

Cost prohibitive?
If a data center is run correctly it's 10000 times more cost efficient foday.

LOL

Cost prohibitive means the bank knows they will be the enforcement vehicle here.

Just like the restaurant is the enforcer of the vaxx mandate or the airline the enforcement for masks.

The bank will need a designated compliance officer

The bank will face fines for administration of fraudulent accounts

The bank will lose deposits & depositors out if caution

The bank will be tasked with the negative fallout of seizures and forfeiture

And hey, can any liberals here defending this actually tell me how this benefits you? How does this make your life better? Your bank account bigger? Your liberties and freedoms grandeur?

Can any liberals answer that???

[Fishhead]

BIDEN has been a complete disaster

[stevenash]

BIDEN has been a complete disaster

Pretty much, yeah.

We need fresh blood, both sides of the aisle.
And a couple of fresh Indie's would be nice too.

Tired of the Clinton's and the Biden's and the Bush's .....
I'm even tired of the Ron Paul's and the Bernie Sander's types.

You know, fresh blood.

[thomorino]

This is some straight bs that they are trying to sneak into the latest bill. The current 10k number was just fine. Doesn’t seem like they are coming after the 1% billionaires with moves like this....

https://twitter.com/nypost/status/14...975684612?s=21

They are getting ahead of the infrastructure bill which may pass. The bill requires banks to report much more because some of the idiots on the left don't understand that the less you tax the more money the government gets.

[Goat Milk]

BIDEN has been a complete disaster

State your case as to why. I agree, just curious to know how you see it.

[dlowilly]

Who are these 87000 new IRS employees going to be? Bunch of incompetent gov leeches no doubt.

I found Yellen voicing her desires in front of congress that unrealized capital gains like appreciation on a home be taxed to be more alarming.

The far left keeps running in to a problem though. Who are they going to get to enforce their ridiculousness on to an increasingly defiant population?

[dlowilly]

Pretty much, yeah.

We need fresh blood, both sides of the aisle.
And a couple of fresh Indie's would be nice too.

Tired of the Clinton's and the Biden's and the Bush's .....
I'm even tired of the Ron Paul's and the Bernie Sander's types.

You know, fresh blood.

Maybe we need to pay the president and high ranking congress a lot more. Kind of like pro athletes are pretty much immune to corruption because they get paid so much, with the side effect being integrity kept in tact.

[The Kraken]

LOL

Cost prohibitive means the bank knows they will be the enforcement vehicle here.

Just like the restaurant is the enforcer of the vaxx mandate or the airline the enforcement for masks.

The bank will need a designated compliance officer

The bank will face fines for administration of fraudulent accounts

The bank will lose deposits & depositors out if caution

The bank will be tasked with the negative fallout of seizures and forfeiture

And hey, can any liberals here defending this actually tell me how this benefits you? How does this make your life better? Your bank account bigger? Your liberties and freedoms grandeur?

Can any liberals answer that???

Lads and gents, the man that knows everything about nothing, and nothing about everything

[stevenash]

Maybe we need to pay the president and high ranking congress a lot more. Kind of like pro athletes are pretty much immune to corruption because they get paid so much, with the side effect being integrity kept in tact.

*Off topic fun fact*

When JFK was shot in Dallas and being operated on at the hospital, after cutting his pants off they found just four singular dollar bills in his pocket.

Historians say there was no reason what so ever for JFK to reach into his wallet or pants pocket to pay for anything.
Every where he went since he as 21 was comped, paid for, on the house.
Why? Because he's a Kennedy.

[lonegambler23]

only a fukkin moron would think this is a good idea

like vittard

[lonegambler23]

The current 10k limit is just for single transactions.

Read more, this bill is for any account or business that accrues over $600 in ANNUAL transactions.

It is designed to give the IRS warrantless access to every transaction so they can red flag individuals & track them electronically.

We, as a Nation, need to abolish either the IRS or the Social Security Administration. There is no way to maintain any privacy if the 2 are allowed to use electronic & financial surveillance on you.

Vitty you dead wrong on this one. This would be the end of the community bank and the financial well being of ever bar tender, server, gambler, car wash operator, vending machine operator, etc

It's yet another reason you cannot vote for the Democrat Party. It is not a moderate or logical party, it is an extremist party lead by ideology rather than self preservation.

Conservatives, like or dislike, are always guided by self preservation (logic). They will govern fairly because they govern in line w the individuals best interest.

That is the ONLY reasonable vote option we have left, as this Democrat party is a Socialist wing.

but vittard thinks this is a great idea. guy just loves sucking off his dem party.

[dlowilly]

like vittard

Babyvoice Terd posts whatever he thinks will stir up the most shit way before what he actually thinks. It has defined his worthless existence on these forums for over a decade.

[vitterd]

Babyvoice Terd posts whatever he thinks will stir up the most shit way before what he actually thinks. It has defined his worthless existence on these forums for over a decade.

Both you and lonegambler don’t have 600 combined….so don’t worry about it. You two losers bank at check cashing places.

[PharaohUB]

It wouldn't cost extra at all.'
I'm an I/T OPS analyst for an insurance company here.
I deal with actuarial reports on a weekly basis, life insurance, banking, retail, what ever the application is processed all pretty much the same way.
How much data that needs to be processed isn't the problem, any high end corporate computer can crank out those financial reports in nano seconds the problem is the man power specifically the trained tech qualified man power.

Your gazillion dollar Sunway is only as good as what goes into it.
GIGO
(Garbage in, garbage out)

No costs ? No offense but you’re an analyst and don’t know what you’re talking about. I actually go into places as a consultant and build these things in back end. I guarantee you the infrastructure and processes in place to send only over 10k transactions is not going to support multiplying the amount of transactions by hundreds. Especially Credit unions who probably are cutting corners and do some manual steps to normalize data to get the data to IRS. What one person could do in a day is now multiples by 500 so now they need automation and data cleaning and possibly a complete redesign of their data structure. They need a multi million dollar IT project to comply. I’ve worked for some of the largest organizations and even they cut corners and would struggle with something like this. Big banks would be fine but this could most certainly bury a small credit union operating on small margins Projects like this could cost millions of dollars and thousands of hours of internal effort as well.

[packerd_00]

They are targeting entrepreneurs.

LLC & S CORP

They are going after the guy that mows your lawn

The house cleaner

The guy laying concrete on the side

Day laborers

Basically the middle class...that group of people making 100k but because they do things legally as written in law now, live tax free

So people that want to try to get ahead in life.

[Mac4Lyfe]

Maybe we need to pay the president and high ranking congress a lot more. Kind of like pro athletes are pretty much immune to corruption because they get paid so much, with the side effect being integrity kept in tact.

The Georgia senate races costed $470 million in the regular election and an additional $360 million in the runoff. $830 MILLION DOLLARS were spent on 2 positions that pay $175k each. Anybody that thinks these politicians work for average Joe citizen is a fool. Most of us don't even know the game is being played.

Back to this issue of banks reporting transactions. I don't know enough of all this entails to form an opinion but I do know that if you have nothing to hide, you should not have a problem. And if you do have something to hide, you should damn well hide it outside of US jurisdiction because the government has always been able to find what they're looking for.

[The Kraken]

Amazing

All the same people that know everything about vaccines and covid, also know everything about banks, money and financial markets

And sports and coaching, even tho they never played a sport after HS

And the best way to start and run a successful business, even tho they've never started nor ran a truly successful business

Im simply amazed at how they know more than the experts in every field

[wombat]

Big banks nickel and dime us for every single fee. Do you really think they will allow a process that will cut into their margins without a fight.

[packerd_00]

Big banks nickel and dime us for every single fee. Do you really think they will allow a process that will cut into their margins without a fight.

This is true.

[Runeblade]

The Georgia senate races costed $470 million in the regular election and an additional $360 million in the runoff. $830 MILLION DOLLARS were spent on 2 positions that pay $175k each. Anybody that thinks these politicians work for average Joe citizen is a fool. Most of us don't even know the game is being played.

Back to this issue of banks reporting transactions. I don't know enough of all this entails to form an opinion but I do know that if you have nothing to hide, you should not have a problem. And if you do have something to hide, you should damn well hide it outside of US jurisdiction because the government has always been able to find what they're looking for.

You know I was thinking, I live in Massachusetts and betting on sports is still illegal. if I bet $1000 on a football game, win and then cashout from BetOnline, send it to coinbase and then to my Cash App and then cash out to my bank account, isn't that considered money laundering? LOL

[MinnesotaFats]

You know I was thinking, I live in Massachusetts and betting on sports is still illegal. if I bet $1000 on a football game, win and then cashout from BetOnline, send it to coinbase and then to my Cash App and then cash out to my bank account, isn't that considered money laundering? LOL

Yup

This wouldn't be an issue if a warrant was required.

1- you'd be aware
2- it'd be off the radar because the amount so low

But here, in this bill, we have a situation where, maybe over 3 years you do this 5 or 6 times, and use the monies to buy a few items like a TV or outdoor patio set, etc.

What you'd have is a situation where they've collected enough data to issue a felony arrest warrant for you, and all that data is admissible because it's voluntarily submitted by the bank by law now.

You'd have 0 defense to this and no protection under the bill of rights against the government searching & seizing (4th ammendment) and your transactions, which are tied to your Govt issued ID (SSN) are basically a guilty plea in and of themselves, thus maybe a 5th ammendment violation.

You vote for this you might as well give up all your freedom & privacy expectations because the intrusive nature of government will never stop.

For gamblers to think this is a good idea is fukking dumb- we know who the clowns are here to begin with...but any gambler who thinks you're not on the list of targets here as well is being profoundly stupid.

But we'll still have our resident sheep...

[jjgold]

Yup

This wouldn't be an issue if a warrant was required.

1- you'd be aware
2- it'd be off the radar because the amount so low

But here, in this bill, we have a situation where, maybe over 3 years you do this 5 or 6 times, and use the monies to buy a few items like a TV or outdoor patio set, etc.

What you'd have is a situation where they've collected enough data to issue a felony arrest warrant for you, and all that data is admissible because it's voluntarily submitted by the bank by law now.

You'd have 0 defense to this and no protection under the bill of rights against the government searching & seizing (4th ammendment) and your transactions, which are tied to your Govt issued ID (SSN) are basically a guilty plea in and of themselves, thus maybe a 5th ammendment violation.

You vote for this you might as well give up all your freedom & privacy expectations because the intrusive nature of government will never stop.

For gamblers to think this is a good idea is fukking dumb- we know who the clowns are here to begin with...but any gambler who thinks you're not on the list of targets here as well is being profoundly stupid.

But we'll still have our resident sheep...

They are not worried about small time stuff

Will not even register unless maybe 100,00 -300,00 type transactions

They have zero time for small timers

[MinnesotaFats]

They are not worried about small time stuff

Will not even register unless maybe 100,00 -300,00 type transactions

They have zero time for small timers

There's a 600 member Frderal manhunt om multiple states under way right now for a dude charged w credit card fraud of $1k

It's the power of the government vs the individual. This is the individual getting crushed. Its not the intent of the constitution or the DOI to allow this

[Luv2Play2]

LOL

Cost prohibitive means the bank knows they will be the enforcement vehicle here.

Just like the restaurant is the enforcer of the vaxx mandate or the airline the enforcement for masks.

The bank will need a designated compliance officer

The bank will face fines for administration of fraudulent accounts

The bank will lose deposits & depositors out if caution

The bank will be tasked with the negative fallout of seizures and forfeiture

And hey, can any liberals here defending this actually tell me how this benefits you? How does this make your life better? Your bank account bigger? Your liberties and freedoms grandeur?

Can any liberals answer that???

100 % accurate.. do you think a blue collar worker 6 days a week for 40k a yr. no pension ,no benny's, nothing but a home and some man toys paid for needs to be second guessed where my $$$ goes ? lmfao its in a few mason jars buried underneath my pet cemetery in the back yard.. i can only hope my family can read a treasure map.. fuc you invasion of privacy.. i can only hope each and every1 of you wthdraw all your $$$ from the establishment and bankrupt the " MAN "

[Mac4Lyfe]

You know I was thinking, I live in Massachusetts and betting on sports is still illegal. if I bet $1000 on a football game, win and then cashout from BetOnline, send it to coinbase and then to my Cash App and then cash out to my bank account, isn't that considered money laundering? LOL

Your first mistake is sending it to coinbase. Coinbase has banned accounts for transactions with gambling sites. The second mistake is sending the money to cash app. Third mistake is sending it to your bank account. Cash app sends certain information to the IRS and of course the banks do too. What are the trigger amounts? Cash App doesn't say. It could be 10Gs, it could be $200. You'll know if/when they send you a 1099. Of course banks send information to the IRS. You can join cash app as an unverified customer but you can only send like $200 and receive $1,000 every 7 days.

Have you looked at localcryptos.com? You can buy and sell coins there. Send your winnings to a private wallet, then sell somewhere that does not track.

[StackinGreen]

Yes, ridiculous, as is everything regarding the gov't, especially these days. Anyone who says otherwise is a shill, a real lemming and a loser.

What levels are books really tracking and reporting these days? Just if you cash a ticket over 10k?

[HockeyRocks]

For someone that pays a sizeable Federal Income Tax bill every year, sorry but i want them to catch the low life tax cheaters that take cash under the table and don't report it.