I was just reading a thread from @The Hon. Stringer Bell about Biden and some proposal that included reporting of all transactions over $600. Well this piqued my internet cause as some of you know, I hate banks and been to war with chase and boa and am banned from cash app, and currently trying to sue Wells Fargo for hating on a young nikka.
But I went to refresh the thread and saw it was deleted. Now I think that thread was deleted because the article was written with bias, but I can only assume.
So I found another article and this article is written with some bias as well in the opposite way, but I was able to understand the specifics of the $600 thing. I highlighted some key points. So it’s is for anyone interested is the unbiased truth of the matter.
President Biden’s proposal requires banks to report very basic information about financial accounts and does not compromise privacy
The administration’s proposal would improve third-party information reporting so the IRS can better spot indications of tax cheating. Specifically, it would require financial institutions to require very basic information about accounts. Currently, financial institutions must file Form 1099-INTs for all customers that have more than $10 of interest income. The administration’s proposal requires them to report two additional topline pieces of information regarding customers’ accounts—gross annual inflow into accounts and gross annual outflow. Small accounts would be excepted. Congress is currently considering where to set thresholds for exempting accounts. It will need to weigh the desire to exempt truly de minimis accounts with the danger in setting too high an exemption threshold, allowing cheaters to fly under the radar using multiple accounts.
It is important to understand what the proposal does and what it does not do. The only numbers that financial institutions would report are total amounts of money that flowed into a bank account during the prior year and total amounts of money that flowed out. It does not require reporting of individual transactions.
Unfortunately, bank lobbies are spreading false claims about this proposal. One example is a scriptedmessage to Congress claiming that the proposal would require reporting of “all transactions of all business and personal accounts worth more than $600.” That is flatly false. Banks would be required to provide just aggregate numbers to the IRS after each year—gross inflow and gross outflow—and not individualized transaction information.
Full article about the entire plan:
Bank Tax Reporting Is a Critical Component of Biden’s Build Back Better Agenda - Center for American Progress
But I went to refresh the thread and saw it was deleted. Now I think that thread was deleted because the article was written with bias, but I can only assume.
So I found another article and this article is written with some bias as well in the opposite way, but I was able to understand the specifics of the $600 thing. I highlighted some key points. So it’s is for anyone interested is the unbiased truth of the matter.
President Biden’s proposal requires banks to report very basic information about financial accounts and does not compromise privacy
The administration’s proposal would improve third-party information reporting so the IRS can better spot indications of tax cheating. Specifically, it would require financial institutions to require very basic information about accounts. Currently, financial institutions must file Form 1099-INTs for all customers that have more than $10 of interest income. The administration’s proposal requires them to report two additional topline pieces of information regarding customers’ accounts—gross annual inflow into accounts and gross annual outflow. Small accounts would be excepted. Congress is currently considering where to set thresholds for exempting accounts. It will need to weigh the desire to exempt truly de minimis accounts with the danger in setting too high an exemption threshold, allowing cheaters to fly under the radar using multiple accounts.
It is important to understand what the proposal does and what it does not do. The only numbers that financial institutions would report are total amounts of money that flowed into a bank account during the prior year and total amounts of money that flowed out. It does not require reporting of individual transactions.
Unfortunately, bank lobbies are spreading false claims about this proposal. One example is a scriptedmessage to Congress claiming that the proposal would require reporting of “all transactions of all business and personal accounts worth more than $600.” That is flatly false. Banks would be required to provide just aggregate numbers to the IRS after each year—gross inflow and gross outflow—and not individualized transaction information.
Full article about the entire plan:
Bank Tax Reporting Is a Critical Component of Biden’s Build Back Better Agenda - Center for American Progress
Don’t they already monitor enough of our activities
