they're still working their way through 2019 and 2020 tax returns

I think they may be a tad overextended

Slowing the "payouts" is not synonymous with "tracking transactions".

(The have "people's" money, no hurry to hand it back. They want "their" money, and easy to make that a priority effort.)

And I'll wager (under $600) that the same methodology for "bitcoin mining" can and will be used to cover the tracking of transactions.

Blockchain methodology is and will be the future of transactional data processing, and everyone and everything will be done in that space.

This will facilitate rapid transactional integrity, validation and process completion.

And, yes, cash and barter will be impacted, the system is closed, and that makes finding and plugging leaks the focus and makes it easier to control.

Hate to offer the black pill, but red and blue pills are so last decade.

quote:

they're still working their way through 2019 and 2020 tax returns

I think they may be a tad overextended

^^^^^^^^^^^^^^^^
If Biden's proposal goes through there will be more than 87,000 new workers and 80 billion more dollars.

So back to my question. If this goes through can a non-FDIC institution tell the IRS to go fuck themselves?

It is tabled for the time being. The Democrats realized that it would burden the poor.

But after a flurry of opposition from banks and credit unions, House Democrats omitted the proposal from their list of tax-policy changes this week. That was a sign that it lacked the support in the party to advance, though a scaled-back version raising about half as much money could still emerge from ongoing talks between administration officials and Congress.

link: https://www.wsj.com/articles/i...40?mod=hp_lead_pos10

Article too lengthy to post. link may be behind paywall.

Phew. I had started account applications with 1200 different banks just to stay under that threshold....

AFAIK, no. The FDIC has nothing to do with it. Look at who's affected by current reporting requirements. I'm pretty sure it's all banks (and beyond) even if they're not federally chartered.

But, As ZSMichael posted. It seems off the table. Actually I'm hoping the whole reconciliation bill goes down in flames.

quote:

Originally posted by Skull Leader:
So back to my question. If this goes through can a non-FDIC institution tell the IRS to go fuck themselves?

quote:

Originally posted by ZSMICHAEL:
It is tabled for the time being. The Democrats realized that it would burden the poor.

But after a flurry of opposition from banks and credit unions, House Democrats omitted the proposal from their list of tax-policy changes this week. That was a sign that it lacked the support in the party to advance, though a scaled-back version raising about half as much money could still emerge from ongoing talks between administration officials and Congress.

link: https://www.wsj.com/articles/i...40?mod=hp_lead_pos10

Article too lengthy to post. link may be behind paywall.

There was no way this was going pass.
They may think they can force a needle in everyone but when they come for everyone's money they have would have supreme backlash.
Nothing to do with the poor (do they even have a bank account with $600 in it?) IMO.
PS... can't see the article as they want money to see it.

I'm not if it's related to this but I got an email from PayPal that my Taxpayer ID # needed to be verified. They will be sending me a 1099 in 2022.

quote:

Originally posted by BBMW:
AFAIK, no. The FDIC has nothing to do with it. Look at who's affected by current reporting requirements. I'm pretty sure it's all banks (and beyond) even if they're not federally chartered.

But, As ZSMichael posted. It seems off the table. Actually I'm hoping the whole reconciliation bill goes down in flames.

quote:

Originally posted by Skull Leader:
So back to my question. If this goes through can a non-FDIC institution tell the IRS to go fuck themselves?

quote:

The have "people's" money, no hurry to hand it back. They want "their" money, and easy to make that a priority effort.)

And the perfect reason why you should underpay the feds and owe money at the end of the year, no waiting on your money to be returned as you have it in the bank.

People have been trained to think of tax returns as if they are some kind of windfall cash.

Pretty much proof how hard it is to change the way people see things...