Biden admin backs down on tracking bank accounts with over $600 annual transactions

[TheDan]

Biden admin backs down on tracking bank accounts with over $600 annual transactions

The Biden administration has backed down on a proposal to collect banking information on accounts with transactions over $600 per year.

abcnews.go.com

So now they are saying only accounts transacting $10k annually, excluding wages that are already taxed, will be tracked. Was $600 the big ask, and $10k their target all along? It's still bullshit. They should have to get a warrant to see bank records.

...but it's nice to see that hypothetically speaking keeping a shit wage slave job will provide cover for your side hustle
This still doesn't change the requirement for payment processors like Paypal or Venmo to report annual transactions totaling $600, so keep that in mind.

 

[JCC]

New alternative to other payment services:

https://alignpay.com/

Dan Bongino is invested in

 

[busykngt]

Get outside the banking system: Gold & Silver.

 

[TheDan]

New alternative to other payment services:

https://alignpay.com/

Looks like it's a Delaware corporation, so it'll be under the same regulations as any other US based payment processor.

 

[JCC]

Looks like it's a Delaware corporation, so it'll be under the same regulations as any other US based payment processor.

Probably so. Just trying to get away from the corporations also.

 

[Wiliamr]

I am just waiting for the Democrat plan where all employers make salary payments to the Treasury Department, who then disburses payment of salary to the serfs after taxes and a nominal service charge for the convenience of the Federal Government handling all pays in USA is deducted. For the good of the State Komrades

 

[SQLGeek]

I'm sure this was more their target all along. I have no doubt that Biden's banking buddies got into his ear about how many billions this was going to cost them to monitor and report on all of these. The $10,000 CTRs are a pain in the ass as it is, I couldn't imagine how awful it would be having to do one for everyone $600+ deposit.

 

[Darkpriest667]

CRYPTOCURRENCY-- you folks just aren't getting it yet.

 

[pronstar]

CRYPTOCURRENCY-- you folks just aren't getting it yet.

I’d rather sit on it as a store of value, and not spend it.

I’ll borrow against it, though


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[TJjerry]

Don't forget that the first objective of the giant donation to the IRS is for thousands of new employees all vetted leftist to grow government and keep the folks voting to keep their jobs.
Establishing the methods for total snooping could be in preparation for "one world order" commie bastards.

I would predict that we will all get off of the exchangeable money train one day soon as they favor a total credit system ran by the government and not folks like Bitcoin.

Ever wonder how many folks are set up in the IRS servers to just ignore their SS numbers? That would be the colossal way they cheat in today's world. Off shore hidden bank accounts would require you lie on the 1040, land/property bribes are old fashion, the modern method is just to let certain folks SS numbers be ignored by simple program code, may be how Hunter Biden can make "gazillions" as he said, and no red flags pop up anywhere.

 

[oldag]

$10k annual limit still catches pretty much everybody.

 

[ZX9RCAM]

$10k annual limit still catches pretty much everybody.

Not including anything post tax.
Hope I got that right.

 

[TheDan]

The $10,000 CTRs are a pain in the ass as it is, I couldn't imagine how awful it would be having to do one for everyone $600+ deposit.

It's worse than just a one time CTR. They are talking about reporting deposits totaling $10k annually.

 

[TheDan]

Not including anything post tax.
Hope I got that right.

The article specifically says wages that you would get a W2 for, so not sure if it's "anything" post tax. My guess is the bank will ignore direct deposits from an employer, gov agency, or retirement disbursements, and count everything else towards the $10k total.

 

[TheDan]

Get outside the banking system: Gold & Silver.

When I tell people I accept payment in silver they just look at me funny or think I'm making a pirate joke. They gonna learn soon.

CRYPTOCURRENCY-- you folks just aren't getting it yet.

Yep, that's also a good idea, and it's becoming more normalized.

I’d rather sit on it as a store of value, and not spend it.

These ETF shenanigans are going to ruin that. It'll end up as manipulated as precious metals. Have to watch and get out at the right time.

I do think that as they get closer to launching a CBDC, cryptos will get the "orange man bad" treatment, and normies will be turned against their usage. Won't stop the parallel economy, but gotta watch out for snitches.

 

[ZX9RCAM]

The article specifically says wages that you would get a W2 for, so not sure if it's "anything" post tax. My guess is the bank will ignore direct deposits from an employer, gov agency, or retirement disbursements, and count everything else towards the $10k total.

What about all my money I get from different savings accounts (interest) which I receive a W2 for?
Is that different?

ETA: Maybe that falls under retirement.

 

[TheDan]

What about all my money I get from different savings accounts (interest) which I receive a W2 for?
Is that different?

ETA: Maybe that falls under retirement.

I dunno. The rules aren't even set yet. You're going to have to sit down with a tax advisor (not a CPA) and figure it all out for your specific situation.

 

[toddnjoyce]

Not including anything post tax.
Hope I got that right.

Tax status is irrelevant. Banks already have to report currency transactions exceeding $10K per day in aggregate to regulators as part of anti-money laundering.

The tells the ‘what’ that has to he done and OCC and Treasury will eventually produce a rule to specifically implement and the how of reporting.

What you really need to understand is that this piece of legislation, regardless of whatever the reportable amount is, forces banks to conduct additional surveillance on each and every transaction into, between out of your accounts and actively report that to the IRS so that you can he targeted for an audit. More than 90% of bank accounts in American would be subject to this surveillance and reporting under the $10K limit.

Ask @benenglish about IRS audit effectiveness against the average person.

 

[pronstar]

There’s a reason why the spending bill includes 87,000 new IRS agents…I’ve seen no mention of a reduction despite getting rid of the $600 provision.


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[BigTexasOne]

10k ANNUALLY? Do the math people! If you get paid every two weeks and your check is $600, that would be 26 deposits of $600, that equals $15600, They haven't caved on anything, they've actually lowered the SPYING baseline! This is absolute BULLSHIP!

VOTE EVERY DEMOCRAT OUT OF OFFICE!