Biden Bank Account Tracking Is Useless

[Viktor]

IRS would track all bank transactions over $600 under Biden plan; Businesses revolt

A major component of President Joe Biden’s plan to raise revenue to pay for his trillions of dollars in new federal spending is now under fire from trade associations across the country.

www.yahoo.com

Every time you receive income of $600 or more, the income is reported to the IRS on either a W-2 form or a `1099 form. That is the law. Money that goes into your bank account that is not taxable income is of no importance to the IRS.

1099 vs. W-2: Forms & Employees | QuickBooks

Learn the differences between 1099 and W-2 forms and employees. QuickBooks provides insights to help you choose the best payroll options for your small business.

quickbooks.intuit.com

 

[ColonelAngus]

Biden owes the IRS $500,000. Maybe they should start there.

 

[Resnic]

Some poor schlub sells his riding lawnmower for 800 bucks and now he has to deposit the money on 2 seperate transactions. I guess no one can have money that just belongs to them.

They talk about "tax the rich" because they think jim lunchbox idiot average American will cheer for them meanwhile all they really do is tax average American jim more.


First everything costs more everywhere now it's more taxing on top of it. It's like a shit sundae with little turd sprinkles on it.

 

[Toddsterpatriot]

That $3.5 trillion isn't gonna fund itself.

 

[Viktor]

Some poor schlub sells his riding lawnmower for 800 bucks and now he has to deposit the money on 2 seperate transactions. I guess no one can have money that just belongs to them.

They talk about "tax the rich" because they think jim lunchbox idiot average American will cheer for them meanwhile all they really do is tax average American jim more.


First everything costs more everywhere now it's more taxing on top of it. It's like a shit sundae with little turd sprinkles on it.

In that case, he would deduct the cost of the lawnmower from the $800 and report the difference as income.

 

[Toddsterpatriot]

In that case, he would deduct the cost of the lawnmower from the $800 and report the difference as income.

The mower cost more than $800. Does he get to report a capital loss?

 

[Rambunctious]

If I withdraw $600 from my account its no ones business but my own...and it sure isn't the governments business...this shows us who all of those new IRS agents will be focusing on....the middle class....if you are cheating a little on your taxes you had better stop...because it won't be Apple or GM that will get audited...it will be you.....

 

[toobfreak]

Biden owes the IRS $500,000. Maybe they should start there.

Hair plugs, skin bleaching, speaking lessons and resveratron/interferon treatments all run into a lot of money.

 

[Viktor]

The mower cost more than $800. Does he get to report a capital loss?

It was purchased for use. It does not generate revenue unless he cuts lawns for a living.

 

[Viktor]

If I withdraw $600 from my account its no ones business but my own...and it sure isn't the governments business...this shows us who all of those new IRS agents will be focusing on....the middle class....if you are cheating a little on your taxes you had better stop...because it won't be Apple or GM that will get audited...it will be you.....

The IRS only audits a sample of returns.

 

[Toddsterpatriot]

It was purchased for use. It does not generate revenue unless he cuts lawns for a living.

If he used it for his job, how likely is it to sell for higher than the purchase price?

 

[Viktor]

If he used it for his job, how likely is it to sell for higher than the purchase price?

It's possible. Sometimes people pay more than they need to if they are desperate.

 

[Viktor]

If I withdraw $600 from my account its no ones business but my own...and it sure isn't the governments business...this shows us who all of those new IRS agents will be focusing on....the middle class....if you are cheating a little on your taxes you had better stop...because it won't be Apple or GM that will get audited...it will be you.....

This stupid law will put small banks out of business and many are protesting.

 

[Toddsterpatriot]

It's possible. Sometimes people pay more than they need to if they are desperate.

And usually they pay less.
So if a capital gain is possible, so is a capital loss.

 

[Rambunctious]

The IRS only audits a sample of returns.

I know what the IRS audits...I've been audited...when I made about 20,000 per year while I watched elected officials hide money all over the world....the IRS butters their bread by auditing small businesses....to the point of running them out of business in some cases....

 

[OldFlame]

IRS would track all bank transactions over $600 under Biden plan; Businesses revolt

A major component of President Joe Biden’s plan to raise revenue to pay for his trillions of dollars in new federal spending is now under fire from trade associations across the country.

www.yahoo.com

Every time you receive income of $600 or more, the income is reported to the IRS on either a W-2 form or a `1099 form. That is the law. Money that goes into your bank account that is not taxable income is of no importance to the IRS.

1099 vs. W-2: Forms & Employees | QuickBooks

Learn the differences between 1099 and W-2 forms and employees. QuickBooks provides insights to help you choose the best payroll options for your small business.

quickbooks.intuit.com

It's not useless to them, there's a reason behind it, it's greatly benefiting his rich handlers (his owners), and the owners of influence in congress in some way. It will make the big banks more capable of pushing out the smaller banks who will be unable to track and report these transactions easily, but there is more to it than that I am sure.