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NEWSTreasury Department declares IRS will monitor transactions of all U.S. bank accounts over $600 Login/Join 
Cruising the
Highway to Hell
Picture of 95flhr
posted
https://miamistandard.news/202...k-accounts-over-600/

Joe Biden’s Treasury Department announced Thursday an invasive new initiative tasking the federal government to audit virtually all financial transactions of Americans with bank accounts holding at least $600.

The Treasury document, called “General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals,” outlines how every individual bank account with over $600 will be monitored by the Internal Revenue Service (IRS).

https://home.treasury.gov/syst...lanations-FY2022.pdf




“Government exists to protect us from each other. Where government has gone beyond its limits is in deciding to protect us from ourselves.”
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Posts: 6289 | Location: Near the Beaverdam in VA | Registered: February 13, 2005Reply With QuoteReport This Post
Staring back
from the abyss
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To what end?


________________________________________________________

"How dreadful are the curses which Mohammedanism lays on its votaries! Besides the fanatical frenzy, which is as dangerous in a man as hydrophobia in a dog, there is this fearful fatalistic apathy." Winston Churchill
 
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blame canada
Picture of AKSuperDually
posted Hide Post
Gold & silver...

Hope you already got yours.

We're being pushed to revolt, so the dims in power can turn up the gas.

I wouldn't trust any FDIC institution with any large sums of my money.


~~~~~~~~~~~~~~~~~~~~~~~~~
"The trouble with our Liberal friends...is not that they're ignorant, it's just that they know so much that isn't so." Ronald Reagon, 1964
~~~~~~~~~~~~~~~~~~~~~~~~~~
"Arguing with some people is like playing chess with a pigeon. It doesn't matter how good I am at chess, the pigeon will just take a shit on the board, strut around knocking over all the pieces and act like it won.. and in some cases it will insult you at the same time." DevlDogs55, 2014 Big Grin
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www.rikrlandvs.com
 
Posts: 13168 | Location: On the mouth of the great Kenai River | Registered: June 24, 2007Reply With QuoteReport This Post
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TAXES
 
Posts: 140 | Registered: July 25, 2008Reply With QuoteReport This Post
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For every dollar spent by the IRS they will recover two or three cents. JMHO
 
Posts: 10763 | Location: Stuck at home | Registered: January 02, 2015Reply With QuoteReport This Post
Spread the Disease
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I see a multitude of $599 transactions in my future…


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Cruising the
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I can see myself being retired via COVID mandates, opening a few accounts an transferrin $601 between them several times a day, just for something to do. Wink




“Government exists to protect us from each other. Where government has gone beyond its limits is in deciding to protect us from ourselves.”
― Ronald Reagan

The postings on this site are my own and do not necessarily represent the positions, strategies or opinions of my employer.
 
Posts: 6289 | Location: Near the Beaverdam in VA | Registered: February 13, 2005Reply With QuoteReport This Post
quarter MOA visionary
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Isn't this just a " proposal " and not an actual law? Confused
 
Posts: 19436 | Location: Houston, TX | Registered: June 11, 2006Reply With QuoteReport This Post
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The way I read it is if you have an account with $600 or more in it and make any transaction ($0.01 or more) then that will be reported to the IRS.

The reporting is not only on transactions of $600 or more...

Just say no...
 
Posts: 120 | Location: Colorado | Registered: August 28, 2010Reply With QuoteReport This Post
Help! Help!
I'm being repressed!

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This would only apply to FDIC insured institutions, correct? That is why they would be forced to comply with this BS?
 
Posts: 10589 | Location: Big Sky Country | Registered: November 20, 2004Reply With QuoteReport This Post
Web Clavin Extraordinaire
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Like any account with $600? I mean, that's most every account around.

What could they possibly be doing here aside from creating a massive bureaucracy and crippling the financial industry with busy work???


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Cruising the
Highway to Hell
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posted Hide Post
quote:
Originally posted by smschulz:
Isn't this just a " proposal " and not an actual law? Confused


Correct, it’s currently a proposal from the administration.




“Government exists to protect us from each other. Where government has gone beyond its limits is in deciding to protect us from ourselves.”
― Ronald Reagan

The postings on this site are my own and do not necessarily represent the positions, strategies or opinions of my employer.
 
Posts: 6289 | Location: Near the Beaverdam in VA | Registered: February 13, 2005Reply With QuoteReport This Post
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The linked document to the IRS website (page 88) says:
quote:
Proposal
This proposal would create a comprehensive financial account information reporting regime. Financial institutions would report data on financial accounts in an information return. The annual return will report gross inflows and outflows with a breakdown for physical cash, transactions with a foreign account, and transfers to and from another account with the same owner. This requirement would apply to all business and personal accounts from financial institutions, including bank, loan, and investment accounts, with the exception of accounts below a low de minimis gross flow threshold of $600 or fair market value of $600 .
 
Posts: 120 | Location: Colorado | Registered: August 28, 2010Reply With QuoteReport This Post
My other Sig
is a Steyr.
Picture of .38supersig
posted Hide Post
So, They have nothing else to do?


 
Posts: 7063 | Location: Somewhere looking for ammo that nobody has at a place I haven't been to for a pistol I couldn't live without... | Registered: December 02, 2014Reply With QuoteReport This Post
Altitude Minimum
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quote:
Originally posted by flesheatingvirus:
I see a multitude of $599 transactions in my future…

That will get a report too! Multiples of that will get an SAR (suspicious activity report). Just like multiples of some numbers below $10,000 do now.
 
Posts: 693 | Location: Shalimar, FL | Registered: January 24, 2007Reply With QuoteReport This Post
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So, another daily distraction to keep us from focusing on the previous treasonous actions by the communist regime known as the dnc?




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Posts: 4657 | Location: too near debt-riot, mitch-e-gan | Registered: June 06, 2012Reply With QuoteReport This Post
blame canada
Picture of AKSuperDually
posted Hide Post
When do we kick this kegger off?


~~~~~~~~~~~~~~~~~~~~~~~~~
"The trouble with our Liberal friends...is not that they're ignorant, it's just that they know so much that isn't so." Ronald Reagon, 1964
~~~~~~~~~~~~~~~~~~~~~~~~~~
"Arguing with some people is like playing chess with a pigeon. It doesn't matter how good I am at chess, the pigeon will just take a shit on the board, strut around knocking over all the pieces and act like it won.. and in some cases it will insult you at the same time." DevlDogs55, 2014 Big Grin
~~~~~~~~~~~~~~~~~~~~~~~~~~

www.rikrlandvs.com
 
Posts: 13168 | Location: On the mouth of the great Kenai River | Registered: June 24, 2007Reply With QuoteReport This Post
Gracie Allen is my
personal savior!
posted Hide Post
quote:
Originally posted by 95flhr:
quote:
Originally posted by smschulz:
Isn't this just a " proposal " and not an actual law? Confused


Correct, it’s currently a proposal from the administration.

Thanks.

quote:
Originally posted by .38supersig:
So, They have nothing better to do?

Nope. They desperately needed another hopeless backlog of work to do. And that's just processing, mind you - who knows when they'll have the time to do analysis on any bank accounts not belonging to political opponents?
 
Posts: 25587 | Location: Deep in the heart of the brush country, and closing on that #&*%!?! roadrunner. Really. | Registered: February 05, 2008Reply With QuoteReport This Post
Peace through
superior firepower
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Yes, everyone knows that if you have at least 601.00 in your account you must be running a continuing criminal enterprise.
 
Posts: 94832 | Registered: January 20, 2000Reply With QuoteReport This Post
It's pronounced just
the way it's spelled
posted Hide Post
I see myself creating two (or more) accounts each with $600+ the minimum amount the banks will transfer without a fee, and start transferring the minimum every time I hear sleepy Joe’s name.
 
Posts: 1164 | Location: Arid Zone A | Registered: February 14, 2006Reply With QuoteReport This Post
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