Will Banks Have To Report All Transactions Over $600 to IRS Under Biden Plan

[cherrqell]

Thoughts?

What's True
According to the proposed American Families Plan, banks would “report gross inflows and outflows” for all business and personal accounts to the Internal Revenue Service (IRS), “with the exception of accounts below a 'low de minimis gross flow threshold of $600 or fair market value of $600.'” But ...

What's False
... this does not mean all individual transactions above that threshold would be reported. Rather, aggregated numbers would be provided to the IRS annually.

What's Undetermined
A parenthetical to the proposal indicates that the administration would be “flexible on raising the minimum account balance/inflow/outflow above $600.” If passed and signed into law, the proposal is expected to go into effect for tax years after Dec. 31, 2022.

[murdered_by_ebay]

Originally Posted by cherrqell

Thoughts?

What's True
According to the proposed American Families Plan, banks would “report gross inflows and outflows” for all business and personal accounts to the Internal Revenue Service (IRS), “with the exception of accounts below a 'low de minimis gross flow threshold of $600 or fair market value of $600.'” But ...

What's False
... this does not mean all individual transactions above that threshold would be reported. Rather, aggregated numbers would be provided to the IRS annually.

What's Undetermined
A parenthetical to the proposal indicates that the administration would be “flexible on raising the minimum account balance/inflow/outflow above $600.” If passed and signed into law, the proposal is expected to go into effect for tax years after Dec. 31, 2022.

the only thought I have here is that instead of tax evasion people will be increasingly using legal tax avoidance schemes which are plentiful

[muzzie]

Same in EU. There are workarounds though.

[rsot]

Originally Posted by murdered_by_ebay

the only thought I have here is that instead of tax evasion people will be increasingly using legal tax avoidance schemes which are plentiful

Agreed - always the workaround

[agent006140]

anyone who has a bank account would have gross $600 inflow and/or outflow,these days bank require you to keep a minimum balance of $200 or more.
what is the government trying to accomplish??

[murdered_by_ebay]

they just want to tighten the grip on money flows , likely in preparation for massive tax increases in the future

as the financial situation becomes worse anything is possible , for example a future introduction of federal VAT which would start low and would be increasing to reach EU levels later

anyways , this is the price for electing Biden and his left extremist base back to power , they will be sucking money out of you like vampires would suck blood

[phaz0rz]

They stole the election.^^

He was astroturfed into a presidency by the media (and those who control it) who was determined to do whatever necessary to get rid of Trump. By no means was it the will of the majority here. This is Obama v2.0 and he's probably still the one pulling strings. Probably an unpopular opinion on this board but I don't care. Less than a year in and they're already destroying the economy and country. Gas got down to $1.50/gal under Trump and it's now twice that, and rising. :(


Effective 12/2022 - all of my eBay stores will switch to cash only

[ebaystealth1974]

They omitted this from their list of changes last Wednesday. Talks of a higher threshold are still going on, though. Time will tell...

[phaz0rz]

Ah so there's some hope. It doesn't matter.. it will go through. If they've already changed the 1099k reporting threshold then this is the next logical step, so they can catch those receiving money by means other than CC processors.

[ebaystealth1974]

Yup. Clearly, Demoncrats aren't really FOR the poor. The rich evade 600 billion a year (according to the biden administration), but the above plan would only net them ~460 billion in TEN YEARS. Go after the rich phucks and leave us plebs alone, damn.

Originally Posted by some article I read

The Biden administration says wealthy Americans withhold more than $600 billion in unpaid taxes from the Treasury every year, and it has proposed a detailed plan to bulk up the Internal Revenue Service’s enforcement arm in an effort to increase tax compliance among high net worth individuals.

[murdered_by_ebay]

Originally Posted by ebaystealth1974

Yup. Clearly, Demoncrats aren't really FOR the poor. The rich evade 600 billion a year (according to the biden administration), but the above plan would only net them ~460 billion in TEN YEARS. Go after the rich phucks and leave us plebs alone, damn.

not 460 billion considering future tax increases. leftists have been running this scheme in europe for years , increasing taxes permanently. I don't doubt american leftists are no different , they need to hand out money to have support from the base and in order to do that they will need to milk someone

[agent006140]

Originally Posted by phaz0rz

Ah so there's some hope. It doesn't matter.. it will go through. If they've already changed the 1099k reporting threshold then this is the next logical step, so they can catch those receiving money by means other than CC processors.

if you do some freelancing work for someone,he could give you a 1099 ,then you deposit into your bank account ,if this is $600 or more,i will be included in bank 1099>isnt that double counting?

[agent006140]

The Biden administration says wealthy Americans withhold more than $600 billion in unpaid taxes from the Treasury every year, and it has proposed a detailed plan to bulk up the Internal Revenue Service’s enforcement arm in an effort to increase tax compliance among high net worth individuals.
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to find and audit the ultra rich,you dont need bank 1099s !!!,