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Reply to "Biden Administration proposal of more bank reporting to IRS. "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]The IRS can barely keep up now. How is it going to handle an enormous increase in the number of transactions to analyze? [/quote] It's not difficult at all to automate. Just total up the deposits and cross reference wth what's declared. They already do that with W's and 1099's. The IRS is capable of doing most of our returns for us right now. What they cant keep up with are the high value returns that claim a lot of expenses, deductions and depreciation that have to be double checked. [/quote] It's not hard but it is a massive storage and search problem. That's going to need equipment and people to maintain that equipment. [/quote] Data storage is super cheap nowadays. Bank accounts are already tied to our TIN/EIN. The system is already built. This would just be adding one more data point and the burden would fall on us as individuals to justify that income doesn't count, hence the complaints about burden.[/quote] What isn't cheap is the data security infrastructure. There have been IRS data breaches in the past and cybersecurity is a huge concern tha is expensive to address well.[/quote] Pretty much this. Data is cheap if you use the cloud. Do you want your banking records in the cloud, managed by the IRS? Remember how OPM failed to protect millions of employees records?[/quote] The IRS is not asking for a list of transactions. They are asking for annual account summaries. It's just two extra numbers on the 1099 forms they already produce.[/quote] The legislation is asking for transactions over $600. Not an account balance. An account balance would be worthless to determine cash flow unless you had multiple years.[/quote] Incorrect--first PP is right. They are asking for gross inflows and outflows on any account with an average balance of over $600.[/quote] And, this will affect nearly every bank account in the US. How is this helpful? .....More data does not mean better enforcement of laws. At some point, you become "data rich and information poor."[/quote] Deposits generally equal income. If declared gross income does not align with gross deposits then it is suspect.[/quote] And, millions of Americans will be affected by such "suspect" activity if they dare to do things like..... - sell a car they own. - get reimbursed by friends for things like paying for concert tickets or for their share of a vacation rental - are repaid a loan to a family member etc. etc. etc. All of these are things I have done and would trigger a "suspect" account by the IRS. And, millions of others would be subject to the same scrutiny. No, I have done nothing wrong, but I would be required to explain my "suspect" activity to the IRS. This is just wrong. [/quote]
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