Biden is checking bank accounts that's over $600?

[Wargames]

How is this aimed at Gig economy?

If you’re paid as contractor then the IRS knows how much tax you should know

if you’re getting paid under table by Venmo or cash then you don’t get to avoid taxes

This also helps the IRS find people doing scams and illegal shyt that’s moving money through accounts with low balances

The only idiot i know who paid taxes on a venmo transactions is and was a complete fukking idiot. Venmo has been off the book money for creatives and gig jobs for years!

 

[NkrumahWasRight Is Wrong]

crackdown on the use of cash

If people are selling crypto for gains then it should be taxed

I agree with the latter

I'm just saying those are the intents of the bill. This is more intrusion by the govt into the lives of middle and lower class people for little to no actual reason other than being a$$holes

 

[NkrumahWasRight Is Wrong]

The only idiot i know who paid taxes on a venmo transactions is and was a complete fukking idiot. Venmo has been off the book money for creatives and gig jobs for years!

They want a cashless society. Eventually ATM withdrawals for cash will be deemed "irregular activity" and reported

 

[CrimsonTider]

The only idiot i know who paid taxes on a venmo transactions is and was a complete fukking idiot. Venmo has been off the book money for creatives and gig jobs for years!

Let me put it like this. No one can be mad if un reported income is one day taxed

I agree with the latter

I'm just saying those are the intents of the bill. This is more intrusion by the govt into the lives of middle and lower class people for little to no actual reason other than being a$$holes

it’s not an intrusion. The banks are going to report total deposits and withdrawals on banks accounts. Information that the IRS was already entitled to upon request

 

[dora_da_destroyer]

You find the hidden tax dollars by having the banks report the transactions on the account and investigate the unusual activity

this is just a requirement for banks to report

the IRS can access anyone’s bank account upon request if they want to

it's not an unusual activity if every monday i deposit $700 from my gig working for a caterer. this order is simply going to make it easier to execute audits of those reporting low wages

 

[dora_da_destroyer]

How is this aimed at Gig economy?

If you’re paid as contractor then the IRS knows how much tax you should know

if you’re getting paid under table by Venmo or cash then you don’t get to avoid taxes

This also helps the IRS find people doing scams and illegal shyt that’s moving money through accounts with low balances

you really think these people are the concern over the m/billionaires who skate taxes? that's why this is clown shyt, tracking accounts over $600 isn't going to put a dent in the undertaxed wealthy, yet this provision will certainly capture the lower and middle class...the exact opposite of the talking points dems have been making about taxing the rich and fair shares

 

[ADevilYouKhow]

Biden is going to take your lunch money

 

[NkrumahWasRight Is Wrong]

Let me put it like this. No one can be mad if un reported income is one day taxed




it’s not an intrusion. The banks are going to report total deposits and withdrawals on banks accounts. Information that the IRS was already entitled to upon request

Then why is this being proposed as law if it was already happening? Explain to me what is different than status quo

 

[ADevilYouKhow]

you really think these people are the concern over the m/billionaires who skate taxes? that's why this is clown shyt, tracking accounts over $600 isn't going to put a dent in the undertaxed wealthy, yet this provision will certainly capture the lower and middle class...the exact opposite of the talking points dems have been making about taxing the rich and fair shares

Post the bill maybe? Can we start there

 

[CrimsonTider]

it's not an unusual activity if every monday i deposit $700 from my gig working for a caterer. this order is simply going to make it easier to execute audits of those reporting low wages

Why would the IRS inquire about an account that has a re occurring $700 deposit every week

The proposal is for banks to reports total withdrawals and deposits of account with more than $600

this isn’t the only revenue raiser in the bill. There are plenty proposals that raise taxes on the wealthy from capital gains to the top individual tax rates to not allowing carried interest

you really think these people are the concern over the m/billionaires who skate taxes? that's why this is clown shyt, tracking accounts over $600 isn't going to put a dent in the undertaxed wealthy, yet this provision will certainly capture the lower and middle class...the exact opposite of the talking points dems have been making about taxing the rich and fair shares

See above

Then why is this being proposed as law if it was already happening? Explain to me what is different than status quo

The IRS has always had authority to resumes for this info now banks will be required to report the number of yearly deposits and withdrawals to the IRS

 

[Hood Critic]

• To enforce tax compliance, the Biden administration has proposed requiring financial institutions to report to the IRS annual inflow and outflow totals from most bank, loan and investment accounts.

The proposal, however, would affect more than just rich people, with disclosure requirements that cover the vast majority of bank, loan and investment accounts.

Even so, a headline widely shared on Instagram from InfoWars, the conspiracy-oriented website run by Alex Jones, contains only an element of truth. The headline states:

"Biden’s Treasury Dept. Declares IRS Will Monitor Transactions of ALL U.S. Accounts Over $600."

The Infowars article under that headline goes on to make a more far-reaching claim: that the IRS will "audit virtually all financial transactions of Americans with bank accounts holding at least $600."Similar claims have been made on other social media.

The Instagram post was flagged as part of Facebook’s efforts to combat false news and misinformation on its News Feed. (Read more about our partnership with Facebook.)

The Treasury Department has made no such declaration. For now, the proposal to tighten bank disclosure requirements is just that — a proposal. And while it would feed more financial data to the IRS, it does not call for IRS audits of virtually all financial transactions.

So, for example, if you had at least $600 in your bank account, the bank would be required to report the amounts of any debits or credits to that account to the IRS. If the debits and credits that flow through the account add up to at least $600 — including deposited paychecks or electronic payments through smartphone apps tied to the account — those totals would have to be reported, too.

Under the measure, the banks would report only the total inflows and outflows, but no details on individual transactions.

Please stop hyperventilating over headlines in the form of 140 characters or less.

PolitiFact - Biden plan to require more bank account reporting to IRS is still a proposal

 

[Reality Check]

If you have direct deposit for stimulus/tax returns, then IRS already has your info.

 

[dora_da_destroyer]

Why would the IRS inquire about an account that has a re occurring $700 deposit every week

The proposal is for banks to reports total withdrawals and deposits of account with more than $600

this isn’t the only revenue raiser in the bill. There are plenty proposals that raise taxes on the wealthy from capital gains to the top individual tax rates to not allowing carried interest



See above



The IRS has always had authority to resumes for this info now banks will be required to report the number of yearly deposits and withdrawals to the IRS

i didn't say they would, i was refuting your claim about this being about tracking unusual activity - it's not. it's tracking unreported money - making it easy to find people who have cash income, cash incomes aren't usually found amongst high income earners as the WH wants to position it. this provision makes it easier to target low-middle income folk...$600 is a low as hell threshold to be tracking accounts at

 

[CrimsonTider]

i didn't say they would, i was refuting your claim about this being about tracking unusual activity - it's not. it's tracking unreported money - making it easy to find people who have cash income, cash incomes aren't usually found amongst high income earners as the WH wants to position it. this provision makes it easier to target low-middle income folk...$600 is a low as hell threshold to be tracking accounts at

The $600 is because most fraud is now taking place in accounts low Balances

gone are the days where criminals are keeping less than 10k and withdrawing less than 10k to not raise red flags

 

[dora_da_destroyer]

The $600 is because most fraud is now taking place in accounts low Balances

gone are the days where criminals are keeping less than 10k and withdrawing less than 10k to not raise red flags

that's not relevant to them talking about this is to help tax high income earners, they're lying. this aint about criminals either, simply isn't a big enough demo to be targeting with this. but continue to do mental gymnastics...