Except supposedly paychecks don't count.
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!
Interesting.How does your bank know what deposits are wages?
It’s especially crazy when we consider that reported income for households below $28k pays no federal taxes anyway.
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Interesting.
I just "assumed" that since it was a paycheck from a business they would.
But now ya got me wondering....
No, this is crazy:
…in 2020, about 60.6 percent of households did not pay income tax, up from 43.6 percent of households in 2019. Much of the 2020 increase was due to pandemic-related factors, but the growing share of households paying no income tax should be kept in mind when evaluating the progressivity of the federal income tax system and proposed tax hikes on higher earners.
COVID-19 Tax Relief Added to Increasing Share of Households Paying No Income Tax
In 2020, about 60 percent of households did not pay income tax, up from 43.6 percent of households in 2019. Much of the 2020 increase was due to pandemic-related factors, but the growing share of households paying no income tax should be kept in mind when evaluating the progressivity of the...taxfoundation.org
ETA: that ain’t happening because people aren’t reporting income. That’s happening because federal policy is designed to limit the number of people paying federal income tax.
we need to get that number up to 100% Income tax isa racket. theft
we need to get that number up to 100% Income tax is a racket.
Direct deposits from an employer are pretty obvious. If you get a paycheck that you deposit yourself they'll likely lump that into the reporting system. I bet banks will count pretty much everything just to make sure they don't run afoul of the regulations.How does your bank know what deposits are wages?
It's worse than just a one time CTR. They are talking about reporting deposits totaling $10k annually.
Yep, this isn't anymore acceptable. This government intereference needs to be stopped permanently.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.
Direct deposits from an employer are pretty obvious. If you get a paycheck that you deposit yourself they'll likely lump that into the reporting system. I bet banks will count pretty much everything just to make sure they don't run afoul of the regulations.
So what do we do? Write stern letters?Well time to let them know we won't be putting up with this either. They mismanage the countries finances and we pay for it. We are a country of stupid.
Yes, but people should keep in mind that structuring cases can cover multiple days. If you move $9K every day, then you're probably structuring. If the bank notices, they'll report it via a mechanism other than a CTR. But even if they don't notice it, you're probably still structuring and the case can be made.Banks already have to report currency transactions exceeding $10K per day in aggregate to regulators as part of anti-money laundering.
No politician will do that. Both sides score political points by under-funding the IRS, an organization that's been so neglected for so long that its practical enforcement capability is almost nonexistent. For the IRS to be moderately capable of enforcing tax law with the (poor) effectiveness they had 30 years ago would require doubling their budget in each of the next 2 years and then committing to keeping that funding level for the next couple of decades.Don't forget that the first objective of the giant donation to the IRS is for thousands of new employees
YepSo what do we do? Write stern letters?