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Posted on 9/10/21 at 10:29 am to Von
quote:
ALL transactions on ALL accounts worth more than $600. Banks are protesting.. not ALL banks, of course.
Someone's going to get stuck looking at hundreds of individual transactions from a bank through Paypal to Steam during the seasonal sales.
Posted on 9/10/21 at 10:29 am to Jack Daniel
quote:
The grocery store accepts crypto? How about your mortgage? or your electricity bill?
More and more service providers and retail outlets are accepting crypto as payment, yes, but my point is that this will drive more people to crypto as not only a medium of exchange, but also a store of value as a means of getting out of the traditional banking system.
Hence, my crypto portfolio will benefit. All I'm saying.
Posted on 9/10/21 at 10:30 am to Fat Bastard
LINK /
Biden proposal would give IRS access to personal bank accounts
Biden proposal would give IRS access to personal bank accounts
Posted on 9/10/21 at 10:31 am to mwlewis
That would need to be in different accounts and preferably at different banks . I ran into that problem years ago when I went to Bahamas and ended up taking more than 10k or in totality in different transactions . I got contacted by feds later on and Whitney called me in and gave me 2 weeks to take my business elsewhere as I was a less than desirable account at that point . I had to close personal account but chose to close all three business accounts as well
Posted on 9/10/21 at 10:31 am to Nuts
quote:
More and more service providers and retail outlets are accepting crypto as payment, yes, but my point is that this will drive more people to crypto as not only a medium of exchange, but also a store of value as a means of getting out of the traditional banking system.
Related to that, the Feds are going to speed this process along because using your own money to buy crypto is currently one of the things that can allow a bank to permanently close your account and blackball you from having future accounts with them.
If crypto becomes more widely accepted because of this, this dumps a ton of capital out of the normal banking system and into crypto instead.
Posted on 9/10/21 at 10:32 am to Jack Daniel
I use Monero, anyway, so the banks can go ahead and grow old and die. Their fitting place in history.
Posted on 9/10/21 at 10:32 am to Seldom Seen
quote:
They've been doing this on cash transactions for years now.
I think the transaction amount that triggers the report is $10,000..
changing it from 10K to 600 is quite the jump...
Posted on 9/10/21 at 10:33 am to jbdawgs03
quote:The thing is... Obamacare gave this access to DHHS already.
Biden proposal would give IRS access to personal bank accounts
Posted on 9/10/21 at 10:36 am to jbdawgs03
thanks see it now. 
mfer is nuts plus raising taxes and eliminate 1031?
mfer is nuts plus raising taxes and eliminate 1031?
Posted on 9/10/21 at 10:37 am to teke184
quote:
using your own money to buy crypto is currently one of the things that can allow a bank to permanently close your account
I know for a fact a few banks have relaxed their policies on crypto now. Payments sent to and from crypto exchange companies aren't automatically considered suspicious anymore.
Posted on 9/10/21 at 10:37 am to teke184
quote:
Someone going to a bachelor party could feasibly pull out well over $600 in multiple transactions in a short timeframe.
Most people receive more than $600 every single paycheck they receive
Posted on 9/10/21 at 10:38 am to teke184
While 10k is the limit for paperwork they currently have to flag anything over 5K or anything that is not the norm for you . If someone deposit check weekly and then suddenly starts dropping 1-2k in once wiceva week that account is flag undoubtedly . I had buddies that manage to acquire cash liking sports and found out . They’ve gotten the suspicious activity letters
Posted on 9/10/21 at 10:38 am to Jack Daniel
I thought it was all transactions with an account holding over 600 dollars?
Posted on 9/10/21 at 10:38 am to klrstix
quote:
I think the transaction amount that triggers the report is $10,000
Anything $10,000.01 or higher triggers a CTR.
quote:
changing it from 10K to 600 is quite the jump
And this would create a lot of useless paperwork. FinCEN would be overloaded with CTRs and SARs.
Posted on 9/10/21 at 10:39 am to lsufball19
"Structuring" is multiple transactions below an amount for the purposes of avoiding reporting on that amount.
Depositing a $650 paycheck wouldn't be structuring.
Depositing a $500 paycheck and then separately depositing multiple transactions over $100 would be considered structuring.
Depositing a $650 paycheck wouldn't be structuring.
Depositing a $500 paycheck and then separately depositing multiple transactions over $100 would be considered structuring.
Posted on 9/10/21 at 10:40 am to VADawg
quote:
I know for a fact a few banks have relaxed their policies on crypto now. Payments sent to and from crypto exchange companies aren't automatically considered suspicious anymore.
Probably depends on the bank all right.
My guess is that a lot of the national banks are under pressure not to allow crypto while a lot of the community banks could give a shite.
Posted on 9/10/21 at 10:42 am to Nosevens
gamblers with big deposits from winnings from offshore sportsbooks will have to watch it. there was a way around it before with the higher minimum. we just did micro transactions.
anything here is the states you were screwed anyway because youd have to fill out papers for the IRS before you left casino sportsbook.
i know another guy who has a private business and only accepts cash. makes over 6 figures. tax free. he will be facked. because there is no deductions or contributions he can say he uses to avoid taxation. this will stand out like a sore thumb when they see his deposits.
anything here is the states you were screwed anyway because youd have to fill out papers for the IRS before you left casino sportsbook.
i know another guy who has a private business and only accepts cash. makes over 6 figures. tax free. he will be facked. because there is no deductions or contributions he can say he uses to avoid taxation. this will stand out like a sore thumb when they see his deposits.
This post was edited on 9/10/21 at 10:44 am
Posted on 9/10/21 at 10:43 am to Fat Bastard
quote:
there was a way around it before with the higher minimum. we just did micro transactions.
I guarantee you that you had at least one SAR filed against you for this. Microstructuring is something employees are trained to look for.
This post was edited on 9/10/21 at 10:56 am
Posted on 9/10/21 at 10:43 am to FredBear
This is correct. It’s gross inflows and outflows. Whether or not it’s cash is irrelevant.
The ABA sent a letter to the committees this week:
ABA Letter
The ABA sent a letter to the committees this week:
quote:
ABA and its members firmly believe that Americans should honor their tax obligations, but it is far from clear that requiring banks to report on every single customer financial account with gross inflows and outflows above $600 – creating a mountain of new data – will lead to better tax compliance. What’s more, this proposal implicates customer privacy and data security on a massive scale, would increase compliance costs to individuals and small businesses, will work against important efforts to bring more Americans into the banking system, and has the potential to damage customer relationships for banks of all sizes across America.
ABA Letter
This post was edited on 9/10/21 at 10:44 am
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