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This is over the proposal that Janet Yellen wants the IRS to report every single $600 transaction occurs from everybody's bank account.
There never was a proposal to have every individual transaction over $600 reported. The proposal was to have the aggregate inflows and outflows for the year from bank accounts with over $600 of transactions reported.
You bought the misinformation that was pushed to beat back this proposal.
There never was a proposal to have every individual transaction over $600 reported. The proposal was to have the aggregate inflows and outflows for the year from bank accounts with over $600 of transactions reported.
You bought the misinformation that was pushed to beat back this proposal.
The threshhold was moved to $10,000, which is still an invasion on middle class.
The threshhold was moved to $10,000, which is still an invasion on middle class.
No, it was revised to $10,000 plus salary/wages. So there would have to be aggregate inflows or outflows of an account of more than $10,000 plus W-2 earnings before reporting was required.
No, it was revised to $10,000 plus salary/wages. So there would have to be aggregate inflows or outflows of an account of more than $10,000 plus W-2 earnings before reporting was required.
Still a war on the middle class.
Things like property taxes alone could be $15k+. If you're self-employed and have large credit card bills, that's easily mid 5 figures.
And AFAIC the less snooping the IRS is allowed to do the better. Frankly reporting requirements should be banned and the IRS should never be allowed anywhere near our financial data absent a warrant.
Last edited by albert648; 10-27-2021 at 10:20 PM..
There never was a proposal to have every individual transaction over $600 reported. The proposal was to have the aggregate inflows and outflows for the year from bank accounts with over $600 of transactions reported.
You bought the misinformation that was pushed to beat back this proposal.
The bill is not finalized but the original proposed legislation was report any account with $600 in transaction or holding $600 or more during the year. From Reuters;
Quote:
The Treasury proposed requiring financial institutions to annually report the total amount of money that went in and out of bank, loan and investment accounts if those accounts hold a value of at least $600, or if the total is at least $600 in a year.
So most accounts would have been reported - and not just bank accounts.
Also, what some want to ignore is that still required to account for any money from online sites such as eBay, Cash App or PayPal equal at least $600 - those numbers will be reported to the IRS via a 1099K - that was maybe where the idea about individual transactions came from.
Things like property taxes alone could be $15k+. If you're self-employed and have large credit card bills, that's easily mid 5 figures.
And AFAIC the less snooping the IRS is allowed to do the better. Frankly reporting requirements should be banned and the IRS should never be allowed anywhere near our financial data absent a warrant.
Exactly!!
While my property taxes aren't that much, thank God, they are nonetheless substantial. And if that $600 transaction deal had gone through, that means that the direct deposit of my pension checks would have then been suspect, as would have been the two $4000 checks that I do write, to pay my property and school taxes.
Bottom line, other than the IRS forms that I submit, every April, the IRS has absolutely no business rooting around my personal finances!!
The bill is not finalized but the original proposed legislation was report any account with $600 in transaction or holding $600 or more during the year. From Reuters;
So most accounts would have been reported - and not just bank accounts.
Also, what some want to ignore is that still required to account for any money from online sites such as eBay, Cash App or PayPal equal at least $600 - those numbers will be reported to the IRS via a 1099K - that was maybe where the idea about individual transactions came from.
Reporting individual transactions were never part of the proposal.
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