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Started By
Message
re: Democrats to scale back Treasury’s IRS bank reporting plan amid GOP uproar
Posted on 10/19/21 at 9:20 am to NashvilleTider
Posted on 10/19/21 at 9:20 am to NashvilleTider
quote:
Democrats to scale back Treasury’s IRS bank reporting plan
translation - it will be changed to a $1000 limit but they still will be climbing up your arse for every dollar you spend or save
0
Posted on 10/19/21 at 9:21 am to Eurocat
quote:
Eurocat
Something about reaping and sewing…
Posted on 10/19/21 at 9:22 am to Taxing Authority
The absurdity of this is they say this is to go after fat cats but this money is off shore. Hiring more IRS agents for this is telling them to audit deplorables.
Posted on 10/19/21 at 9:30 am to HubbaBubba
quote:
quote:
The revised version of the bank reporting proposal will also weaken its scope by exempting all wage income from counting toward the $10,000 threshold
So the banks would also have to differentiate types of deposits? Oh, this one is a paycheck, it doesn't count. We're not sure about that one, so we'll put it towards the $10k. My regular check might be a direct deposit, but my bonuses, expense reimbursements, occasional advances, etc., are paper checks. And I have direct deposits that aren't paychecks. So you can't just blanketly say direct deposits don't count but everything else does.
I've also had an employer in the past that wrote me a bad payroll check. It was an actual mistake, but it screwed my account up so I always cashed them at their bank afterwards and deposited the cash into my account.
And as others said, it's none of their freakin business.
Posted on 10/19/21 at 9:30 am to BamaCoaster
Im not a socialist about everything and am very libertarian when it comes to issues about civil liberties.'
Not all posters or people can neatly fit in a box.
Not all posters or people can neatly fit in a box.
Posted on 10/19/21 at 9:30 am to Eurocat
quote:
Im not a socialist when it comes to spending my own money
Fify.
Posted on 10/19/21 at 9:31 am to Eurocat
quote:
Not all posters or people can neatly fit in a box.
LMAO... so you only suck a little?
Posted on 10/19/21 at 9:32 am to Eurocat
quote:
Im not a socialist about everything and am very libertarian when it comes to issues about civil liberties.'
Congrats!
But, there is a universally true adage that a govt big enough to give you everything you want is strong enough to take away everything you have.
Posted on 10/19/21 at 9:32 am to NashvilleTider
quote:
more than $10,000 in annual deposits or withdrawals
So ANYBODY that has direct deposit or a job for that matter
Shell game
Posted on 10/19/21 at 9:35 am to NashvilleTider
Im telling y’all…our issues stem from politicians. Period.
It doesn’t matter what the letter after their name is. Controlled opposition, a scripted play. Thats all you will get until we all stop participating in the faux two-party system we pretend to have.
It doesn’t matter what the letter after their name is. Controlled opposition, a scripted play. Thats all you will get until we all stop participating in the faux two-party system we pretend to have.
Posted on 10/19/21 at 9:38 am to Eurocat
quote:
Im not a socialist about everything
That’s like being a little bit pregnant.
Posted on 10/19/21 at 9:38 am to LSUnation78
quote:
stem from politicians. Period.
Oh I agree with this and have said for a long time that "Republicans" are nothing more than controlled opposition that provides an illusion of freedom...
This "step" is the step that is absolutely necessary for the globalists to put their foot on the neck of every single American...
Where does the $600 threshold for the cash apps stand in all of this?
al.com
Posted on 10/19/21 at 9:51 am to cajunangelle
quote:
telling them to audit deplorables.
This
Posted on 10/19/21 at 9:53 am to Eurocat
quote:Well then you are a completely unserious person.
Im not a socialist about everything and am very libertarian when it comes to issues about civil liberties.'
Posted on 10/19/21 at 9:55 am to NashvilleTider
quote:
After a backlash, the new proposal will instead require the provision of additional information for accounts with more than $10,000 in annual deposits or withdrawals, a measure Democrats have been considering for weeks but have not formally endorsed, the people said
Frick them. They didn't change anything. How many people don't have $10k going into a bank account in an entire year? That's $834/month. I made that every 2 weeks working a job in college making $13-14/hr.
Posted on 10/19/21 at 9:57 am to NashvilleTider
I kind of chuckle with the thought that the IRS can’t track your bank account info already.
Posted on 10/19/21 at 10:00 am to NashvilleTider
So we go from $600 per to $10,000 annual?
Seems worse.
Seems worse.
Posted on 10/19/21 at 10:02 am to NashvilleTider
If only there was a way to anonymously to do business transactions...hmmmmmm?
Posted on 10/19/21 at 10:04 am to GumboPot
quote:
If only there was a way to anonymously to do business transactions...hmmmmmm?
Does it not worry you that this would only speed up gov't crackdown on crypto?
Posted on 10/19/21 at 10:19 am to AUHighPlainsDrifter
The IRS wants roadmaps... this has been their go-to method for years now. They have limited resources and they want to have better methods of figuring out how to target with an audit.
$10K exempting wages still isn't much. For example, lots of single moms out there get more than 10K a year in alimony and child support.
They are going after the cash market. With expanded information reporting such as 1099-NEC and 1099-K, they are getting closer to figuring out real revenues paid by non-cash means.
But there is still a tremendous amount of income under-reporting by small businesses especially unincorporated ones.
That's who the IRS is after.
We are suffering with this garbage because some people are tax cheats.
$10K exempting wages still isn't much. For example, lots of single moms out there get more than 10K a year in alimony and child support.
They are going after the cash market. With expanded information reporting such as 1099-NEC and 1099-K, they are getting closer to figuring out real revenues paid by non-cash means.
But there is still a tremendous amount of income under-reporting by small businesses especially unincorporated ones.
That's who the IRS is after.
We are suffering with this garbage because some people are tax cheats.
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