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NEWSTreasury Department declares IRS will monitor transactions of all U.S. bank accounts over $600 Login/Join 
Political Cynic
Picture of nhtagmember
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they're still working their way through 2019 and 2020 tax returns

I think they may be a tad overextended
 
Posts: 51356 | Location: Tucson Arizona | Registered: January 16, 2002Reply With QuoteReport This Post
A Grateful American
Picture of sigmonkey
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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.




"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: 41848 | Location: fl | Registered: December 20, 2008Reply With QuoteReport This Post
Member
posted Hide Post
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.
 
Posts: 10877 | Location: Stuck at home | Registered: January 02, 2015Reply With QuoteReport This Post
Help! Help!
I'm being repressed!

Picture of Skull Leader
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So back to my question. If this goes through can a non-FDIC institution tell the IRS to go fuck themselves?
 
Posts: 10597 | Location: Big Sky Country | Registered: November 20, 2004Reply With QuoteReport This Post
Member
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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.
 
Posts: 10877 | Location: Stuck at home | Registered: January 02, 2015Reply With QuoteReport This Post
Member
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Phew. I had started account applications with 1200 different banks just to stay under that threshold.... Big Grin
 
Posts: 4085 | Registered: April 20, 2010Reply With QuoteReport This Post
Big Stack
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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?
 
Posts: 20408 | Registered: November 05, 2003Reply With QuoteReport This Post
quarter MOA visionary
Picture of smschulz
posted Hide Post
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. Frown
 
Posts: 19517 | Location: Houston, TX | Registered: June 11, 2006Reply With QuoteReport This Post
Member
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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?
 
Posts: 260 | Location: Canyon Lake, TX | Registered: December 22, 2008Reply With QuoteReport This Post
Thank you
Very little
Picture of HRK
posted Hide Post
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...



 
Posts: 17943 | Registered: November 07, 2008Reply With QuoteReport This Post
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