Biden Administration proposal of more bank reporting to IRS.

[Anonymous]

Biden Administration proposing that financial institution report to the IRS any deposits or withdrawals of 600 dollars or more. Right now it is at 10,000. I can’t see this passing unless it’s tied to the infrastructure deal or something. This would hurt their base and you can bet would tick off everyone.

[Anonymous]

Anonymous wrote:Biden Administration proposing that financial institution report to the IRS any deposits or withdrawals of 600 dollars or more. Right now it is at 10,000. I can’t see this passing unless it’s tied to the infrastructure deal or something. This would hurt their base and you can bet would tick off everyone.

Will this delay the time it takes me to withdrawal $600+?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Biden Administration proposing that financial institution report to the IRS any deposits or withdrawals of 600 dollars or more. Right now it is at 10,000. I can’t see this passing unless it’s tied to the infrastructure deal or something. This would hurt their base and you can bet would tick off everyone.

Will this delay the time it takes me to withdrawal $600+?

It doesn't currently delay transactions of 10,000 either more than normal care required for such a high dollar transaction.

But that's not what the proposal is anyway. The actual proposal is much, much, worse.

The actual proposal is for any account with a transaction value over $600 to have the total withdraw and deposit amounts in the year to be reported to the IRS.

This just goes to show, while it is politically expedient to be talking about righting underpayment of taxes by the wealthy, what Biden and the Treasury is really after, are your everyday tax cheats, hence the $600 transaction amount, which is substantially every working adult with a source of income.

[Anonymous]

This is ludicrous. More evidence that the Democratic Party wants a surveillance state.
This alone should tell you that this bill has to fail. Bigly.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Biden Administration proposing that financial institution report to the IRS any deposits or withdrawals of 600 dollars or more. Right now it is at 10,000. I can’t see this passing unless it’s tied to the infrastructure deal or something. This would hurt their base and you can bet would tick off everyone.

Will this delay the time it takes me to withdrawal $600+?

It doesn't currently delay transactions of 10,000 either more than normal care required for such a high dollar transaction.

But that's not what the proposal is anyway. The actual proposal is much, much, worse.

The actual proposal is for any account with a transaction value over $600 to have the total withdraw and deposit amounts in the year to be reported to the IRS.

This just goes to show, while it is politically expedient to be talking about righting underpayment of taxes by the wealthy, what Biden and the Treasury is really after, are your everyday tax cheats, hence the $600 transaction amount, which is substantially every working adult with a source of income.

It does in practice. There's always a three day hold. Putting a three day hold on $600 deposits would cause a lot of problems for those living paycheck to paycheck that need to immediately pay their bills after making a deposit.

Oh my, reporting of all transactions is not an ideal public policy.

[Anonymous]

Anonymous wrote:This is ludicrous. More evidence that the Democratic Party wants a surveillance state.
This alone should tell you that this bill has to fail. Bigly.

After the TX abortion law (and all the warrantless wiretapping) it is clear that the Republicans want one. If the Dems go down the same path we are screwed.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Biden Administration proposing that financial institution report to the IRS any deposits or withdrawals of 600 dollars or more. Right now it is at 10,000. I can’t see this passing unless it’s tied to the infrastructure deal or something. This would hurt their base and you can bet would tick off everyone.

Will this delay the time it takes me to withdrawal $600+?

It doesn't currently delay transactions of 10,000 either more than normal care required for such a high dollar transaction.

But that's not what the proposal is anyway. The actual proposal is much, much, worse.

The actual proposal is for any account with a transaction value over $600 to have the total withdraw and deposit amounts in the year to be reported to the IRS.

This just goes to show, while it is politically expedient to be talking about righting underpayment of taxes by the wealthy, what Biden and the Treasury is really after, are your everyday tax cheats, hence the $600 transaction amount, which is substantially every working adult with a source of income.

Why is it bad for the IRS to know this information? The only problem I see is if someone is not reporting income, or laundering money. They already see the info for my investment accounts.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Biden Administration proposing that financial institution report to the IRS any deposits or withdrawals of 600 dollars or more. Right now it is at 10,000. I can’t see this passing unless it’s tied to the infrastructure deal or something. This would hurt their base and you can bet would tick off everyone.

Will this delay the time it takes me to withdrawal $600+?

It doesn't currently delay transactions of 10,000 either more than normal care required for such a high dollar transaction.

But that's not what the proposal is anyway. The actual proposal is much, much, worse.

The actual proposal is for any account with a transaction value over $600 to have the total withdraw and deposit amounts in the year to be reported to the IRS.

This just goes to show, while it is politically expedient to be talking about righting underpayment of taxes by the wealthy, what Biden and the Treasury is really after, are your everyday tax cheats, hence the $600 transaction amount, which is substantially every working adult with a source of income.

It does in practice. There's always a three day hold. Putting a three day hold on $600 deposits would cause a lot of problems for those living paycheck to paycheck that need to immediately pay their bills after making a deposit.

Oh my, reporting of all transactions is not an ideal public policy.

The hold is the bank, not the government. They want large transactions to clear before they give you access to the funds, so they don't get scammed.

[Anonymous]

This is a good thing as it will bust those with irregular income who underreport during tax time.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Biden Administration proposing that financial institution report to the IRS any deposits or withdrawals of 600 dollars or more. Right now it is at 10,000. I can’t see this passing unless it’s tied to the infrastructure deal or something. This would hurt their base and you can bet would tick off everyone.

Will this delay the time it takes me to withdrawal $600+?

It doesn't currently delay transactions of 10,000 either more than normal care required for such a high dollar transaction.

But that's not what the proposal is anyway. The actual proposal is much, much, worse.

The actual proposal is for any account with a transaction value over $600 to have the total withdraw and deposit amounts in the year to be reported to the IRS.

This just goes to show, while it is politically expedient to be talking about righting underpayment of taxes by the wealthy, what Biden and the Treasury is really after, are your everyday tax cheats, hence the $600 transaction amount, which is substantially every working adult with a source of income.

Why is it bad for the IRS to know this information? The only problem I see is if someone is not reporting income, or laundering money. They already see the info for my investment accounts.

Because there will be pressure to use the data collected for other things. I dont want the government to know if I buy porn or weed. It's not their business if I buy a TV and can't pay the rent. It's bad enough that private actors are collecing this data. We should be curtailing that not expanding it to government.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Biden Administration proposing that financial institution report to the IRS any deposits or withdrawals of 600 dollars or more. Right now it is at 10,000. I can’t see this passing unless it’s tied to the infrastructure deal or something. This would hurt their base and you can bet would tick off everyone.

Will this delay the time it takes me to withdrawal $600+?

It doesn't currently delay transactions of 10,000 either more than normal care required for such a high dollar transaction.

But that's not what the proposal is anyway. The actual proposal is much, much, worse.

The actual proposal is for any account with a transaction value over $600 to have the total withdraw and deposit amounts in the year to be reported to the IRS.

This just goes to show, while it is politically expedient to be talking about righting underpayment of taxes by the wealthy, what Biden and the Treasury is really after, are your everyday tax cheats, hence the $600 transaction amount, which is substantially every working adult with a source of income.

It does in practice. There's always a three day hold. Putting a three day hold on $600 deposits would cause a lot of problems for those living paycheck to paycheck that need to immediately pay their bills after making a deposit.

Oh my, reporting of all transactions is not an ideal public policy.

The hold is the bank, not the government. They want large transactions to clear before they give you access to the funds, so they don't get scammed.

They aren't at risk of getting scammed on an EFT. What they really want is that three day float and the reporting requirements are their excuse. If it gets expanded to $600 they'll do the same thing.

[Anonymous]

This is a dangerous rule. I can just imagine the bureaucrats dealing with this.

IRS is not known for doing all things well. For example: we received a "correction letter" on a refund that gave us about $8.00 more than we had claimed.. Then, a month later we received a letter from IRS that sounded like we owed them money and we have a right to protest. So, not sure what to think. Probably requires a phone call that puts us on hold for hours to find out that we don't need to pay attention to the second letter.

[Anonymous]

Gave a family a "bridge loan" for a couple of weeks. Not huge amount, but well over $600. I can just see the paperwork that this new rule would entail on our part and the part of the family member.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Biden Administration proposing that financial institution report to the IRS any deposits or withdrawals of 600 dollars or more. Right now it is at 10,000. I can’t see this passing unless it’s tied to the infrastructure deal or something. This would hurt their base and you can bet would tick off everyone.

Will this delay the time it takes me to withdrawal $600+?

It doesn't currently delay transactions of 10,000 either more than normal care required for such a high dollar transaction.

But that's not what the proposal is anyway. The actual proposal is much, much, worse.

The actual proposal is for any account with a transaction value over $600 to have the total withdraw and deposit amounts in the year to be reported to the IRS.

This just goes to show, while it is politically expedient to be talking about righting underpayment of taxes by the wealthy, what Biden and the Treasury is really after, are your everyday tax cheats, hence the $600 transaction amount, which is substantially every working adult with a source of income.

It does in practice. There's always a three day hold. Putting a three day hold on $600 deposits would cause a lot of problems for those living paycheck to paycheck that need to immediately pay their bills after making a deposit.

Oh my, reporting of all transactions is not an ideal public policy.

The 3-day hold has nothing to do with reporting requirements, it is an anti-fraud measure used by banks and is not limited to transactions above 10,000.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Biden Administration proposing that financial institution report to the IRS any deposits or withdrawals of 600 dollars or more. Right now it is at 10,000. I can’t see this passing unless it’s tied to the infrastructure deal or something. This would hurt their base and you can bet would tick off everyone.

Will this delay the time it takes me to withdrawal $600+?

It doesn't currently delay transactions of 10,000 either more than normal care required for such a high dollar transaction.

But that's not what the proposal is anyway. The actual proposal is much, much, worse.

The actual proposal is for any account with a transaction value over $600 to have the total withdraw and deposit amounts in the year to be reported to the IRS.

This just goes to show, while it is politically expedient to be talking about righting underpayment of taxes by the wealthy, what Biden and the Treasury is really after, are your everyday tax cheats, hence the $600 transaction amount, which is substantially every working adult with a source of income.

It does in practice. There's always a three day hold. Putting a three day hold on $600 deposits would cause a lot of problems for those living paycheck to paycheck that need to immediately pay their bills after making a deposit.

Oh my, reporting of all transactions is not an ideal public policy.

The 3-day hold has nothing to do with reporting requirements, it is an anti-fraud measure used by banks and is not limited to transactions above 10,000.

It's tied up with the Patriot Act. That's when it started. One can argue whether or not their interpretation was correct or not though.