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NEWSTreasury Department declares IRS will monitor transactions of all U.S. bank accounts over $600 Login/Join 
Member
Picture of Blackmore
posted Hide Post
quote:
Originally posted by AKSuperDually:
When do we kick this kegger off?


Afraid that's what they're hoping for so they can respond in a draconian manner. Push, push, push until people snap.


We often meet our destiny on the road we took to avoid it.
 
Posts: 2366 | Location: W. Central NH | Registered: October 05, 2008Reply With QuoteReport This Post
Leatherneck
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quote:
Originally posted by bdylan:
A country that elected Joe Biden during a global pandemic deserves whatever happens.


I’m not convinced that this country did elect Joe Biden.




Georgia Carry MemberNRA Lifetime Member

“With no police to protect you, did you own a gun? Did your neighbor?” - The Division 2

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Posts: 14175 | Location: Florida | Registered: May 07, 2008Reply With QuoteReport This Post
Low Profile Member
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quote:
Cash is king, ladies and gents.

yep. always has been and always will be
 
Posts: 3338 | Registered: August 19, 2003Reply With QuoteReport This Post
Big Stack
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Until the government stops issuing or accepting it. I think this move is a hint at what's coming. Or at least what some in government would like to come. If they're turning the screws on traceable money, how long do you think they'll let untraceable money exist.

quote:
Originally posted by nasig:
quote:
Cash is king, ladies and gents.

yep. always has been and always will be
 
Posts: 20372 | Registered: November 05, 2003Reply With QuoteReport This Post
blame canada
Picture of AKSuperDually
posted Hide Post
quote:
Originally posted by Blackmore:
quote:
Originally posted by AKSuperDually:
When do we kick this kegger off?


Afraid that's what they're hoping for so they can respond in a draconian manner. Push, push, push until people snap.

I believe you are absolutely correct. They are pushing the people of this nation to do something, knowing that the majority won't.


~~~~~~~~~~~~~~~~~~~~~~~~~
"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: 13170 | Location: On the mouth of the great Kenai River | Registered: June 24, 2007Reply With QuoteReport This Post
blame canada
Picture of AKSuperDually
posted Hide Post
quote:
Originally posted by BBMW:
Until the government stops issuing or accepting it. I think this move is a hint at what's coming. Or at least what some in government would like to come. If they're turning the screws on traceable money, how long do you think they'll let untraceable money exist.

quote:
Originally posted by nasig:
quote:
Cash is king, ladies and gents.

yep. always has been and always will be

Now that the government has its fingers into coinbase and other crypto apps, they'll do exactly that.

The USD based crypto already exists, and the .GOV folks have already been rumored in crypto forums to have developed a USGOV crypto currency. In the end...since neither the USGOV crypto and the USD Cash is based on any gold standard but rather the "worth" of the US economy...they're both fictitious currency.

I'm sure the .gov knows all the gold and silver I've bought from APMEX in the last several years also.


~~~~~~~~~~~~~~~~~~~~~~~~~
"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: 13170 | Location: On the mouth of the great Kenai River | Registered: June 24, 2007Reply With QuoteReport This Post
Min-Chin-Chu-Ru... Speed with Glare
posted Hide Post
quote:
Originally posted by ZSMICHAEL:
quote:
actually, the IRS has pretty much given up on auditing the wealthy, because the wealthy often receive their income via complicated investments rather than straight salaries, and can afford accountants and lawyers who outgun the IRS on tax expertise. The IRS now focuses on the middle-class, where the incomes are more straight-forward and those being audited can't afford to hire the best defense teams.

^^^^^^^^^^^^
Not quite. The chance of being audited increases with income. Being self employed also increases the chances. We are not talking about the ultra wealthy here.


Absolutely right. It's the well-to-do traditionally salaried, and the self-employed who face the brunt of audits.
 
Posts: 1128 | Location: MA | Registered: December 24, 2004Reply With QuoteReport This Post
Big Stack
posted Hide Post
So you have gold and silver. If there's no more cash, how do you use it? Try paying your mortgage, your electric bill, buying groceries, etc. with gold or silver. Nowadays you can convert it into cash untraceably. But without cash, you'll have to buy Fedcoin (or whatever it will be called) to do any transactions, and THAT transaction will be traceable.

quote:
Originally posted by AKSuperDually:
quote:
Originally posted by BBMW:
Until the government stops issuing or accepting it. I think this move is a hint at what's coming. Or at least what some in government would like to come. If they're turning the screws on traceable money, how long do you think they'll let untraceable money exist.

quote:
Originally posted by nasig:
quote:
Cash is king, ladies and gents.

yep. always has been and always will be

Now that the government has its fingers into coinbase and other crypto apps, they'll do exactly that.

The USD based crypto already exists, and the .GOV folks have already been rumored in crypto forums to have developed a USGOV crypto currency. In the end...since neither the USGOV crypto and the USD Cash is based on any gold standard but rather the "worth" of the US economy...they're both fictitious currency.

I'm sure the .gov knows all the gold and silver I've bought from APMEX in the last several years also.
 
Posts: 20372 | Registered: November 05, 2003Reply With QuoteReport This Post
blame canada
Picture of AKSuperDually
posted Hide Post
Submit or lose everything. Yeah, I get it.

My line in the sand has been drawn. I don't redraw lines...


~~~~~~~~~~~~~~~~~~~~~~~~~
"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: 13170 | Location: On the mouth of the great Kenai River | Registered: June 24, 2007Reply With QuoteReport This Post
Member
posted Hide Post
I hate to burst bubbles here. As my wife has spent 20+ years working in IA, AML, Comp in corporate banking from Wamu, to Chase, to many others.

The banks pretty much with out exception do this down to every transaction over a penny. It makes running the SARs reports a lot easier. The testing and Validation processes may be only a percentage of that. What is run up the flag pole to the government might even be one name out of a few thousands but they have the data.

They have had it for the last decade. The Fed has known it, the various regulators have known it.

Now the issue is how to collate that date to present it for those SARS reports. The whole complete onus is put upon the banks. There isn't a governmental agency that can sift through the data.

So any data that is given to the feds has to be boxed up, packaged, wrapped, ribbon put on it, a bow-tied, insurance paid, and then a fucking instruction sheet for the feds to even think about looking at it.

Remember one little thing, government efficiency. The more information, the more controls, the more data the less efficient they are.
 
Posts: 6218 | Location: Virginia | Registered: December 23, 2010Reply With QuoteReport This Post
I Deal In Lead
Picture of Flash-LB
posted Hide Post
quote:
Originally posted by M'headSig:
Absolutely right. It's the well-to-do traditionally salaried, and the self-employed who face the brunt of audits.


I was self employed for over 20 years, got audited once due to some capital gains I somehow neglected to claim on my return.

During the audit it turns out I also had some Capital losses that greatly overshadowed the Capital Gains and I had a $3,000/year Capital Loss Carryover for 5 years.

You don't really have to fear an audit if you're careful with your write offs and income from self employment.
 
Posts: 7095 | Location: Gilbert Arizona | Registered: March 21, 2013Reply With QuoteReport This Post
Member
posted Hide Post
Holding 600 dollars or less precludes one form "free" checking/savings account. Hey - a new tax
 
Posts: 868 | Registered: November 07, 2013Reply With QuoteReport This Post
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Picture of JR78
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So are politicians included in this or do they get exempted?


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Posts: 1880 | Location: DFW | Registered: December 17, 2007Reply With QuoteReport This Post
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the room together.
Picture of bubbatime
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Hi, I would like to make 26 deposits into my account in the amount of $599. Thanks


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Posts: 6150 | Location: Floriduh | Registered: October 16, 2004Reply With QuoteReport This Post
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Picture of bigdeal
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Reminds me of the time I was ~22ish and working for my uncle, a general contractor, building homes in Jacksonville Florida. One of my jobs was to go around on Friday and pay the subs. I used to carry a wad of cash sometimes upward of $10k, and everyone was happy to see me on Friday early afternoon. Construction taught me well all about a cash economy. 90% of what those subcontractors did was for cash. We may well be heading back to that very environment again.


-----------------------------
Guns are awesome because they shoot solid lead freedom. Every man should have several guns. And several dogs, because a man with a cat is a woman. Kurt Schlichter
 
Posts: 32085 | Location: Orlando, FL | Registered: April 30, 2006Reply With QuoteReport This Post
A Grateful American
Picture of sigmonkey
posted Hide Post
quote:
Originally posted by bubbatime:
Hi, I would like to make 26 deposits into my account in the amount of $599. Thanks


Likely you jest, but if you are not...

"Structuring is the practice of executing financial transactions in such a way that the filing of financial reports to the government is avoided. "

While I do not agree with the laws, and I understand people side stepping such controls, one cannot fight battle, nor engage in gorilla* warfare, without knowing the enemy's tactics, goals, means and methods.



(*monkeys know shit)




"the meaning of life, is to give life meaning" I could explain it to you, but I can't understand it for you. I'm gonna go to the Alamo
 
Posts: 41757 | Location: fl | Registered: December 20, 2008Reply With QuoteReport This Post
Gracie Allen is my
personal savior!
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They're already set up to flag a series of deposits just under the $10,000 reporting limit in order to catch drug dealers.
 
Posts: 25590 | Location: Deep in the heart of the brush country, and closing on that #&*%!?! roadrunner. Really. | Registered: February 05, 2008Reply With QuoteReport This Post
Big Stack
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No. Something else changed along the way that no one seems to have noticed. Companies are now required to 1099 everyone. If they don't issue the 1099, they can't write off the expense of paying the other company. So the days of handing out cash are largely over.

quote:
Originally posted by bigdeal:
Reminds me of the time I was ~22ish and working for my uncle, a general contractor, building homes in Jacksonville Florida. One of my jobs was to go around on Friday and pay the subs. I used to carry a wad of cash sometimes upward of $10k, and everyone was happy to see me on Friday early afternoon. Construction taught me well all about a cash economy. 90% of what those subcontractors did was for cash. We may well be heading back to that very environment again.
 
Posts: 20372 | Registered: November 05, 2003Reply With QuoteReport This Post
Member
Picture of maladat
posted Hide Post
quote:
Originally posted by DSgrouse:
Now the issue is how to collate that date to present it for those SARS reports. The whole complete onus is put upon the banks. There isn't a governmental agency that can sift through the data.

So any data that is given to the feds has to be boxed up, packaged, wrapped, ribbon put on it, a bow-tied, insurance paid, and then a fucking instruction sheet for the feds to even think about looking at it.

Remember one little thing, government efficiency. The more information, the more controls, the more data the less efficient they are.


There's no way to do it manually, no, but I think it actually wouldn't be a particularly difficult job to automate.

Just back-of-the-envelope, trying to be conservative (make the estimate worse than reality) there are 330 million people in the US.

If every person in the US had 30 bank accounts, and each of those 30 bank accounts had 100 transactions per day, that's ~1 trillion transactions a day. If each transaction is 1 KB of data that's maybe ~1 petabyte per day.

These days, I don't think you'd even need a cluster, you could handle that with one good server and a closet full of hard drives.

That estimate does ignore stuff like the high-frequency traders that make a zillion stock market purchases and sales. I don't know enough about the volume of that to make a meaningful estimate, but in practical terms, there are only a few US stock markets and they're all already running on computer clusters in data centers somewhere, so we already know a system can be built to handle the volume of data.
 
Posts: 5753 | Location: TX | Registered: January 24, 2011Reply With QuoteReport This Post
Past Master
Picture of yucaipa
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quote:
Originally posted by Gustofer:
To what end?


Somebody has to pay for that 3.5 trillion, closer to 5.5 trillion after you remove all the 'creative book keeping'

This is a 1st step, the bottom 90%, 401K, IRA, that's were all the money is at.


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