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The IRS wants access to your bank account

Discussion in 'Too Hot for Swamp Gas' started by slightlyskeptic, Oct 5, 2021.

  1. carpeveritas

    carpeveritas GC Hall of Fame

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    What happened to cost being $0?
     
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  2. tilly

    tilly Superhero Mod. Fast witted. Bulletproof posts. Moderator VIP Member

    Exactly why I doubt that is the purpose. This is more of a broad net approach. Yeah the big dogs bring bigger bones, but the small ones are greater in quantity.
     
  3. AlfaGator

    AlfaGator VIP Member

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    What are the chances this will make it into the bill and become law?
     
  4. citygator

    citygator VIP Member

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    This is great news. We can now catch all those wealthy waiters, waitresses, and landscapers who work in cash. The 1% is full of those type of tax evaders.
     
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  5. Gatorrick22

    Gatorrick22 GC Hall of Fame

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    A distinction without a difference... Do you trust what the government say about why they want access to our savings accounts? I don't...
     
  6. carpeveritas

    carpeveritas GC Hall of Fame

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    This is part of the American Families Plan which if passed would not go into effect until Dec 2022.
    The Infrastructure Bill contains reporting requirements on crypto currency.
     
  7. VAg8r1

    VAg8r1 GC Hall of Fame

    Apr 8, 2007
    Bernie Sanders with a net worth estimated at up to $3 million and an annual income of over $200,000 would be glad to know that he is immune (not that he would cheat on taxes anyway). ;)
     
  8. l_boy

    l_boy 5500

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    IRS already has my bank information. They keep putting money in it.
     
  9. kygator

    kygator GC Hall of Fame

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    It's a ploy to get everyone's account over $600
     
  10. kygator

    kygator GC Hall of Fame

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    They meant the cost will have a lot of 0's
     
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  11. vaxcardinal

    vaxcardinal GC Hall of Fame

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    and people made fun of me because I keep all my money in my mattress...who's laughing now
     
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  12. Gator515151

    Gator515151 GC Hall of Fame

    Apr 4, 2007
    Good luck trying to keep up with Mrs51's $600+ transactions. It would take an army of auditors.
     
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  13. cocodrilo

    cocodrilo GC Hall of Fame

    Apr 8, 2007
    Don't try what evangelist Kent Hovind did with the IRS. The founder of Creation Science Evangelism, Hovind didn't pay any income taxes because he said that everything he had belonged to God.

    He and God served a 10-year prison sentence for failing to pay taxes and other charges. (At his trial, Hovind said, ""If it's just money the IRS wants, there are thousands of people out there who will help pay the money they want so I can go back out there and preach.")

    A few years after his release he was convicted of domestic violence against his wife, but that's OT.
     
  14. flg8rfan

    flg8rfan Senior

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    I know the reporting on 10k has been around a while but does it really do anything? I’m pretty sure that people doing nefarious things just deposit in increments of 9k (and the ones doing massive transactions are using offshore accounts).

    For those that said ‘they already have access, they deposit money into my account’. You allowed them to when you selected direct deposit on your taxes, you also allow them to take money out when you pay taxes but that’s a one time thing. There’s a big difference between that and the IRS having the ability to look at your account and transactions without your explicit consent (or a warrant).

    $600, who even sets that amount? That’s going to be a ton of data for the IRS to get a hold of. Sorry Mr. Jones, you reported 24k in income but we show 60k coming into your accounts last year, why don’t you have a seat over there, I know it’s a little crowded, just wiggle in between some other guys we want to question.

    But it’s the IRS….. yeah, they played fair with Tea Party organizations a few years back didn’t they. Even if you’re all for it now, what if there’s a change in the administration, would you still be fine with it if it was the Trump admin trying to get this kind of access?

    Will this affect me? Not at all. I don’t do side work, I don’t cheat on my taxes, I don’t sell stuff online or anything like that. They’ll just get a whole bunch of transaction info about me. How much my car and house payment is. What my take home pay is. How much I spent on a gun last week (hell, I don’t even let my wife know that). Countless other meaningless transactions over $600 flooding their systems that they have to sort through. I guess my taxes will go up since they are going to have to hire more staff and increase their compute capabilities.
     
  15. ridgetop

    ridgetop GC Hall of Fame

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    The 10k is kind of a myth. Banks have to report large changes in activity. If i never deposit more than say....600.00... and then drop in 9,600.00 banks have to report that even though it doesn't make the 10k threshold. At the same time if my company regularly deposits 12k at a time each week there is nothing suspicious in that. Banks are looking foe undocumented large changes.
     
  16. gator10010

    gator10010 GC Hall of Fame

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    So the government wants access to accounts with $600 in them at the same time crypto currency is growing in popularity?

    Probably just a coincidence.
     
  17. g8trjax

    g8trjax GC Hall of Fame

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    Build back better!!
     
  18. carpeveritas

    carpeveritas GC Hall of Fame

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    It's no coincidence in my opinion. Governments would love to go to a digital currency that can be tracked at all stages of transactions. When cash is involved tracking becomes a tedious affair especially in industries where cash is king. The plus for government is the ease of control.
     
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  19. homer

    homer GC Hall of Fame

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    My neighbor is a banker. She told me about this last week and said it’s intrusive and a really bad idea.
     
  20. homer

    homer GC Hall of Fame

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    I tip in cash. I let the servers decide how to report it. They dont make enough as it is.

    This is the type of stuff that will send people back to using cash, until the government makes that illegal. No doubt in my mind that a leftist run government wants to monitor all our finances.