IRS rule requiring banks to report all transactions over 600$

[Brock Landers]

It will be stuffed in the reconciliation bill

It will pass as part of that

[jjgold]

They don’t have time for a little accounts they’ll be looking at big accounts

Exactly. The bill proposes doubling the number of existing IRS agents. That means that 87,000 new IRS agents will be snooping into the business of everyone who has a bank account.

This shit will never fly but it tells you where they are headed with this bill. They claim to only want these agents to go after wealthy tax cheats. If passed, this will give the IRS unfettered access to almost every bank account with transactions of $600 or greater.

This is a nightmare if passed.

[texhooper]

As much as I don’t want to agree with JJ I tend to here. I think even if this passes exactly as proposed most of us won’t see much difference. As wrong and shitty as it is, just like everything else the government does to take away our liberties the longer this stupid country hangs around

[TheMoneyShot]

It says cash transactions... but I think this was also issued to watch the BTC (transfer) hitting accounts too. This will be a total nightmare.


Freedom??? What freedom?

[dustyy]

As much as I don’t want to agree with JJ I tend to here. I think even if this passes exactly as proposed most of us won’t see much difference. As wrong and shitty as it is, just like everything else the government does to take away our liberties the longer this stupid country hangs around

Maybe but the banks will be mandated to fill out a report on any transaction $600 or greater, creating a huge data base for the IRS.

The IRS can do whatever they want, whenever they want.

This is a nightmare for many if this passes

[MinnesotaFats]

I send my parents money on Venmo every month.

Am I going to get fukked here on that?

Yes

That would need to be filed on both yours and their taxes as a gift, subject to the lifetime limit,, otherwise it's income!

That's why this is horseshit...and every transaction is a criminal offense.

Imagine after doing this for 3 years the irs charges you and your parents w 36 counts of felony tax evasion...and you didn't even k ow they were looking because no warrant was issued or required

[Goat Milk]

As much as I don’t want to agree with JJ I tend to here. I think even if this passes exactly as proposed most of us won’t see much difference. As wrong and shitty as it is, just like everything else the government does to take away our liberties the longer this stupid country hangs around

If I send my parents 1,500 a month on venmo, is this going to affect either of us? I may have to find a new way to transfer them money.

Edit: NVM, Minny answered it. Thx

[MinnesotaFats]

This will never pass, don't worry about it. Too many moderates already lined up to toss it from any bill that is passed

People said the same thing about Obama care and the IRS provisions in that....

[Goat Milk]

Yes

That would need to be filed on both yours and their taxes as a gift, subject to the lifetime limit,, otherwise it's income!

That's why this is horseshit...and every transaction is a criminal offense.

Imagine after doing this for 3 years the irs charges you and your parents w 36 counts of felony tax evasion...and you didn't even k ow they were looking because no warrant was issued or required

Thanks man. Lifetime limit? I've never even heard of that/know what that amount is. Jeez man. Cash is king i suppose.

[texhooper]

If I send my parents 1,500 a month on venmo, is this going to affect either of us? I may have to find a new way to transfer them money.

Edit: NVM, Minny answered it. Thx

I would not take what he’s saying as gospel. I don’t know the answer but I have feeling he’s wrong on this

[dustyy]

https://fee.org/articles/treasury-department-seeks-to-track-financial-transactions-of-personal-bank-accounts-over-600/

[gauchojake]

Minny settle down pal you're all up in a lather. Poor goater thinks he's going back to jail for sending his folks cash 😂😂

[chico2663]

This is about using the IRS as a law enforcement agency, free of the requirement to obtain a warrant for evidence to be used in trial.

This is real simple stuff here- Democrats want to use the IRS to imprison political enemies, much like Obama used the IRS to shut down political party applications for GOP/ TEA party affiliates.

The entrepreneur is generally a conservative. He runs a business, and uses that business income deduction limits to reduce his tax liability.

The liberals will then change the definition of income, the deductions or impose a wealth tax on total assets, to levy those middle class voters, thus eliminating their voting power and financial ba King of conservative politics.

For God's sake there was a reason we fought a revolutionary war....then a Civil war...then 2 world wars and numerous anti communism wars....we did it because our view of government is LIMITED because we see that unlimited doesn't work- it's shared misery,no prosperity for anyone, and 1 party rule.

If you are still not of the mindset that this Democrat party is absolutely tyrannical and ideological in its madness, then you are a lost cause.

This is NOT Clinton's democrat party.

Not true. Uncle passed 430 million estate to his kids and he was democrat. But that may have to do with Reagan fukkin the oil people in the 80’s.

[texhooper]

Minny settle down pal you're all up in a lather. Poor goater thinks he's going back to jail for sending his folks cash 😂😂

Hahaha no shit! This thing hasn’t even passed and he’s got goat downloading back tax forms

[chico2663]

Yes

That would need to be filed on both yours and their taxes as a gift, subject to the lifetime limit,, otherwise it's income!

That's why this is horseshit...and every transaction is a criminal offense.

Imagine after doing this for 3 years the irs charges you and your parents w 36 counts of felony tax evasion...and you didn't even k ow they were looking because no warrant was issued or required

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.

[MinnesotaFats]

Hahaha no shit! This thing hasn’t even passed and he’s got goat downloading back tax forms

https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes

[MinnesotaFats]

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.

DBA doesn't mean anything.

What the IRS and Biden are doing here is what is legally referred to as "alter ego" living.

You are a SSN
Your businesses are a EIN

Many people operate multiple EINs, and generate losses in them despite accumulating assets and wealth, which flows (legally) thru to their SSN.

That's what they want to seize...they want to get around the tax code and seize revenue on that flow of wealth.

They can't do it thru a tax reform bill, it'd never pass and be political suicide. They will stuff it in the back door of a banking bill or infrastructure plan here, then use the banks and the "independant" IRS to enforce it while they change the language and tweak the tax code to zero in on their targets.

Remember Obama couldn't get the guns, so he went after the ammunition.

This is how ideological wackos govern.

And stop with your $430mm estate. The Fed exemption is (or was) $5mm up till Trumps era, I think it's $11mm now. After that it's a 40% hit on none stepped up basis.

The gift exemption is $15k year so, if dude is paying his parents mortgage by sending them $2k mo then he's technically breaking the law...it should be reported anyway, but presently they have no enforcement mechanism...as it should be. If this bill passes, he becomes a target.

[eidolon]

Waste of everybody’s time including the government. They going to start coming after folks over the taxes on a $650 check? The amount of transactions they are going to have to sift through is unfathomable. Good luck IRS.

I will just do about 5000 of them just to waste their time

[MinnesotaFats]

I will just do about 5000 of them just to waste their time

Well the 80,000 new "agents" this will be their job. Create data collection software, algorithms for flagging accounts then surveillance/ arrest.

[eidolon]

so just only do $500 transactions?

[eidolon]

Well the 80,000 new "agents" this will be their job. Create data collection software, algorithms for flagging accounts then surveillance/ arrest.

I bet a lot of people will just sit on high stacks of cash until December each year, and make 1 deposit.

[Yulia74]

Biden wants to rape you with taxes to fund illegal immigrants

[chico2663]

DBA doesn't mean anything.

What the IRS and Biden are doing here is what is legally referred to as "alter ego" living.

You are a SSN
Your businesses are a EIN

Many people operate multiple EINs, and generate losses in them despite accumulating assets and wealth, which flows (legally) thru to their SSN.

That's what they want to seize...they want to get around the tax code and seize revenue on that flow of wealth.

They can't do it thru a tax reform bill, it'd never pass and be political suicide. They will stuff it in the back door of a banking bill or infrastructure plan here, then use the banks and the "independant" IRS to enforce it while they change the language and tweak the tax code to zero in on their targets.

Remember Obama couldn't get the guns, so he went after the ammunition.

This is how ideological wackos govern.

And stop with your $430mm estate. The Fed exemption is (or was) $5mm up till Trumps era, I think it's $11mm now. After that it's a 40% hit on none stepped up basis.

The gift exemption is $15k year so, if dude is paying his parents mortgage by sending them $2k mo then he's technically breaking the law...it should be reported anyway, but presently they have no enforcement mechanism...as it should be. If this bill passes, he becomes a target.

Hey Einstein. No where did I say it was an exemption. I said that it was the estate from my uncle that died of covid. You are the same fool that was telling me about licenses I needed for my series 6 and 7 not realizing the state I sold in didn’t make me get the other license. Also the 15k is per person. So if his dad is alive that would be 15 k. If his mom was alive that would be 15 k. 15k+15k= 30 k. Now I understand how you can fool some. But not many with an I.q. Above the temperature over tepid water. Now I am not much of a chess player but the next move is yours Sir.

[gauchojake]

I'm just gonna move 601.00 between all of my accounts over and over

[Yulia74]

[MinnesotaFats]

Hey Einstein. No where did I say it was an exemption. I said that it was the estate from my uncle that died of covid. You are the same fool that was telling me about licenses I needed for my series 6 and 7 not realizing the state I sold in didn’t make me get the other license. Also the 15k is per person. So if his dad is alive that would be 15 k. If his mom was alive that would be 15 k. 15k+15k= 30 k. Now I understand how you can fool some. But not many with an I.q. Above the temperature over tepid water. Now I am not much of a chess player but the next move is yours Sir.

1- States don't administer the requirements of licenses, FINRA does, and the 7 for brokers and the subsequent 6 for insurance is routine requirements for all Companies maybe w the exception of Edward Jones or some low end broker.

2- his transactions, regardless of limit, would still require reporting. Failure to report is a crime. This is the point of the discussion here, although you're well under the exemption, you won't be aware of the monitoring by the IRS, and now 3 parties (mom, dad & child) are required to increase their compliance (and costs associated w it (lawyers, CPA, etc) with it.

Frankly, I don't think you've been involved in any business or estate planning or legal transactions of any substance based on this conversation. You seem relatively aloof to the rules and the unbridled power of the regulatory and seizure powers of Government.

How does this benefit the American citizen is what you should be asking. A government by the people, for the people, and of the people, has been high jacked by a small group of elitists who hate the people.

[chico2663]

D
Einstein you shouldn't be thinking .Yes.they maybe monitoring but if you aren't doing anything dishonest what does it matter. Also you don't have to report. They will audit and have to allow because it is the law. I had over a 1000 transactions a month in my DbA act. So you have to report every check you receive for rental property? Gtfooh like I said the dumb ones believe you. No one with a brain. Also finra deals with securities Not insurance. Each state has a dept of insurance that regulates insurance not finra. Finra regulates variable life and variable universal life.

[chico2663]

If you ever get to Ohio there is couple of chain restos I did planning 4. I also did for a guy that owned a quarry. I also helped on a racist female baseball owner. I was the guy that filed the paperwork.

[chico2663]

1- States don't administer the requirements of licenses, FINRA does, and the 7 for brokers and the subsequent 6 for insurance is routine requirements for all Companies maybe w the exception of Edward Jones or some low end broker.

2- his transactions, regardless of limit, would still require reporting. Failure to report is a crime. This is the point of the discussion here, although you're well under the exemption, you won't be aware of the monitoring by the IRS, and now 3 parties (mom, dad & child) are required to increase their compliance (and costs associated w it (lawyers, CPA, etc) with it.

Frankly, I don't think you've been involved in any business or estate planning or legal transactions of any substance based on this conversation. You seem relatively aloof to the rules and the unbridled power of the regulatory and seizure powers of Government.

How does this benefit the American citizen is what you should be asking. A government by the people, for the people, and of the people, has been high jacked by a small group of elitists who hate the people.

Pay your taxes bitch!

[Runeblade]

So gambling winnings of $599 isn't tracked?.....sweeeeeeet.

[MOBIL19]

The bill would also hire 87,000 new IRS employees

Next Biden report:

with latest legislation we were able to create thousands of new jobs...

[stevenash]

You will see no change at all even if it would go thru. It will not impact law abiding citizens. Just live right and you’ll be fine. It’s a tax cheat catch.

I get the reasoning, but the IRS doesn't have enough personnel as it is right now.
Without enough proper staffing, a data center full of Fugaku's or Sunway's won't do you all that much good.

[wombat]

Don't worry fellas, this will never pass. The cost on this would be tremendous for the banks to track every account with $600 transactions. Big banks have the most lobbying power of any institution out there. They will never let this fly.

[MinnesotaFats]

Don't worry fellas, this will never pass. The cost on this would be tremendous for the banks to track every account with $600 transactions. Big banks have the most lobbying power of any institution out there. They will never let this fly.

Big banks want this

It will destroy the community banks

You'd essentially wind up with 7 giant national banks controlling 95% of the market and tied directly to the Fed Reserve w one hand and the IRS with the other

It is the Government attempting to manipulate the flow of money now, as well as the supply

I have to laugh at people who don't understand the implications of warrantless surveillance

Just ignorant

[The Kraken]

Big banks want this

It will destroy the community banks

You'd essentially wind up with 7 giant national banks controlling 95% of the market and tied directly to the Fed Reserve w one hand and the IRS with the other

It is the Government attempting to manipulate the flow of money now, as well as the supply

I have to laugh at people who don't understand the implications of warrantless surveillance

Just ignorant

And I laugh at people that don't know the first thing about science or medicine but act like they have a phd in cell biology or inf disease

Just idiocy