SIGforum
NEWSTreasury Department declares IRS will monitor transactions of all U.S. bank accounts over $600
September 13, 2021, 06:11 PM
95flhrNEWSTreasury Department declares IRS will monitor transactions of all U.S. bank accounts over $600
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.”
― Ronald Reagan
Retired old fart
September 13, 2021, 06:13 PM
GustoferTo what end?
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"Great danger lies in the notion that we can reason with evil." Doug Patton.
September 13, 2021, 06:13 PM
AKSuperDuallyGold & 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.
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"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 Reagan, 1964
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"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
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www.rikrlandvs.com September 13, 2021, 06:14 PM
McGregorTAXES
September 13, 2021, 06:20 PM
ZSMICHAELFor every dollar spent by the IRS they will recover two or three cents. JMHO
September 13, 2021, 06:21 PM
flesheatingvirusI see a multitude of $599 transactions in my future…
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-- Fear is the mind-killer. Fear is the little-death that brings total obliteration. I will face my fear. I will permit it to pass over me and through me. And when it has gone past me I will turn the inner eye to see its path. Where the fear has gone there will be nothing. Only I will remain. --
September 13, 2021, 06:24 PM
95flhrI 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.
“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
Retired old fart
September 13, 2021, 06:31 PM
smschulzIsn't this just a " proposal " and not an actual law?
September 13, 2021, 06:33 PM
klstclairThe 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...
September 13, 2021, 06:38 PM
Skull LeaderThis would only apply to FDIC insured institutions, correct? That is why they would be forced to comply with this BS?
September 13, 2021, 06:44 PM
Oat_Action_ManLike 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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Chuck Norris put the laughter in "manslaughter"
Educating the youth of America, one declension at a time.
September 13, 2021, 06:45 PM
95flhrquote:
Originally posted by smschulz:
Isn't this just a " proposal " and not an actual law?
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
Retired old fart
September 13, 2021, 06:54 PM
klstclairThe 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 .
September 13, 2021, 06:56 PM
.38supersigSo, They have nothing else to do?
September 13, 2021, 07:28 PM
BOATTRASH1quote:
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.
September 13, 2021, 07:32 PM
ersatzknarfSo, another daily distraction to keep us from focusing on the previous treasonous actions by the communist regime known as the dnc?
September 13, 2021, 07:36 PM
AKSuperDuallyWhen 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 Reagan, 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
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www.rikrlandvs.com September 13, 2021, 07:39 PM
Il Cattivoquote:
Originally posted by 95flhr:
quote:
Originally posted by smschulz:
Isn't this just a " proposal " and not an actual law?
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?
September 13, 2021, 07:49 PM
parabellumYes, everyone knows that if you have at least 601.00 in your account you must be running a continuing criminal enterprise.
September 13, 2021, 07:52 PM
NuclearI 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.