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Biden's tax plan could give IRS more access to your bank account

CrusaderFrank

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I could have sworn there was an additional threshold of $2,500 but I'm not seeing a reference to it for some reason. Nonetheless, if you work a job that pays $15.00/hr. then you earn $600.00 a week straight time. If you have taxes withheld you won't trigger the reporting threshold if you are paid once a week but you will exceed that amount easily if you are paid every other week.

It's crazy to think about but this amount puts most working people into a situation where having their regular paycheck deposited to their bank account will trigger an IRS suspicious activity alert under the Bank Secrecy Act. I personally think them creating a $600.00 threshold is wrong as well as unethical, but if they insist on doing this, it should not be considered a part of their "suspicious activity' definition in my opinion although I guess they need to use that designation in order to do what it is they want to do (pretext/justification).

The simple passing of this law would instantly designate an entirely new class of criminals or at least "criminal suspects" out of most working Americans. The thought of your teenager getting their first job and immediately being added to one of our government's watch list should disturb everyone even if the thought of being on the list yourself doesn't.
4th Amendment
 
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NewsVine_Mariyam

NewsVine_Mariyam

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In the bill. You'll note that the OP didn't provide it.
I found this

Yes, Biden's proposed legislation would allow IRS to have more information on bank accounts with more than $600) and this (The American Families Plan:
THE SOURCES:
Our sources are testimony from the IRS Commissioner to the Senate Finance Committee, as well as President Joe Biden's spending plan for fiscal year 2022.​
THE ANSWER: Yes, under President Biden's proposed legislation the IRS would have more information on financial accounts with more than $600​
Here’s what we found:​
Back on April 28, 2021, the Biden Administration announced the American Families Plan.​
In it -- tax reform.​
Fast-forward now to June 8, 2021, the IRS Commissioner testifies before the senate finance committee on the IRS budget, which includes details of the tax reform proposal as part of the president's spending plan for fiscal year 2022.​
According to that testimony -- the plan aims to quote "improve tax administration and provide the IRS with a blueprint to address various facets of the tax gap."​
Here's where we found the answer to Richard's question.​
Under the proposed legislation, “[f]inancial institutions would report data on financial accounts in an information return. The annual return will report gross inflows and outflows with a breakdown for physical cash, transactions with a foreign account, and transfers to and from another account with the same owner. This requirement would apply to all business and personal accounts from financial institutions, including bank, loan, and investment accounts, with the exception of accounts below a low de minimis gross flow threshold of $600 or fair market value of $600.”​
The measure, if approved, would begin in 2023.​
So we can verify: yes, under President Biden's proposed legislation the IRS would have more information on financial accounts with more than $600.

Again it is a proposal -- and as it makes its way through congress, a lot could change.​
There has already been some pushback to the plan.​
 
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NewsVine_Mariyam

NewsVine_Mariyam

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NewsVine_Mariyam

NewsVine_Mariyam

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It would be nice if you were conscious when you voted your conscience. SMH. So quit complaining, you got what you voted for, moron.
So the Bank Secrecy Act only came into being since Biden's been in office? According to your previous post, this has always been SOP for the IRS so make up your mind as to what side of this issue you want to argue.

And I did get what I voted for, Trump is no longer in office.
 

Concerned American

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make up your mind as to what side of this issue you want to argue.
I am not arguing any side of your so-called argument. I am stating facts--If you got a stimulus check they have had access to your accounts, same for SS or a tax return. The banking institution reports your income from your account to the IRS every year. If they want to, they can and have seized accounts in the past. You are making a mountain out of a mole hill.
 

dblack

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So the Bank Secrecy Act only came into being since Biden's been in office? According to your previous post, this has always been SOP for the IRS so make up your mind as to what side of this issue you want to argue.

And I did get what I voted for, Trump is no longer in office.
No, if you voted for Biden, you voted for Biden. There is no "voting against" in our system, unfortunately.
 

dblack

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I am not arguing any side of your so-called argument. I am stating facts--If you got a stimulus check they have had access to your accounts, same for SS or a tax return. The banking institution reports your income from your account to the IRS every year. If they want to, they can and have seized accounts in the past. You are making a mountain out of a mole hill.
A mountain is made out of many molehills - but I disagree that this is a trivial change. It's another brick in the way and part of a growing dependency on executive orders and regulatory fiat for our governance.
 
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NewsVine_Mariyam

NewsVine_Mariyam

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No, if you voted for Biden, you voted for Biden. There is no "voting against" in our system, unfortunately.
What I meant is that I didn't cast a vote against Trump in the 2016 election and was not going to make that mistake again. I didn't want to run the risk that by not voting for his opponent that he may have remained in office.

The antics of the IRS long precedes Biden being voted into office and while I believe that the proposed legislation is nothing more than a pretext to create more inroads into our private lives, it's still preferable to me than having had Trump remain in office.

I am still pleased with my vote and the outcome of our election.
 

dblack

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What I meant is that I didn't cast a vote against Trump in the 2016 election and was not going to make that mistake again. I didn't want to run the risk that by not voting for his opponent that he may have remained in office.
You can't cast a vote "against" anyone. Our system doesn't work that way. If you voted for Biden, you voted for Biden - no telling who you were supposedly voting against.
I am still pleased with my vote and the outcome of our election.
Fine. Just don't go kidding yourself. You voted FOR Biden. You're the reason he is the President.
 
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NewsVine_Mariyam

NewsVine_Mariyam

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I am not arguing any side of your so-called argument. I am stating facts--If you got a stimulus check they have had access to your accounts, same for SS or a tax return. The banking institution reports your income from your account to the IRS every year. If they want to, they can and have seized accounts in the past. You are making a mountain out of a mole hill.
Just because YOU got a stimulus check doesn't mean I did or that I allow the IRS to auto-deposit money to any of my accounts.

Several news outlets thought this important enough to report on it, so why aren't you telling them they're making a mountain out of a molehill?

Having the reporting thresholds drop from $10,000 to $600 is significant because that would include most working people.
 
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NewsVine_Mariyam

NewsVine_Mariyam

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You can't cast a vote "against" anyone. Our system doesn't work that way. If you voted for Biden, you voted for Biden - no telling who you were supposedly voting against.

Fine. Just don't go kidding yourself. You voted FOR Biden. You're the reason he is the President.
Why are you trying to make it sound as if I'm denying I voted for Biden or that I have any regrets?

I got the outcome I hoped for.
 

Concerned American

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Just because YOU got a stimulus check doesn't mean I did or that I allow the IRS to auto-deposit money to any of my accounts.

Several news outlets thought this important enough to report on it, so why aren't you telling them they're making a mountain out of a molehill?

Having the reporting thresholds drop from $10,000 to $600 is significant because that would include most working people.
Do you think the IRS would have any problem seizing EVERYTHING you owned if they so desired? You created this by electing these dictators that want to have their fingers in every aspect of your life. It wasn't until $$$ was involved that you even cared. Lock-downs, mandatory masking, vaxxing--all of that is OK with you, but don't look into your bank account. Take your blinders off.
 

dblack

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Why are you trying to make it sound as if I'm denying I voted for Biden or that I have any regrets?
Because you're doing is what a lot of people do to evade accountability. You said: "... I did get what I voted for, Trump is no longer in office", suggesting that what you weren't voting for Biden, but only to remove Trump. But that's a copout, and not true. You voted for Biden, and you're responsible (in part) for him being in power. See my sig for further info ...

I should add - this isn't a personal attack. Lots of people (most?) do the same thing. It's a big part of why our political situation is so dire.
 

Concerned American

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Just because YOU got a stimulus check doesn't mean I did or that I allow the IRS to auto-deposit money to any of my accounts.
Your bank reports interest payments made to your bank accounts every year to the IRS. If you think that there is anything happening in your financial institutions that the IRS does not know about, you are seriously naive. This is not to say I agree with the gov't over reach, but when you vote to reduce your freedoms, you get what you asked for.
 

dblack

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Your bank reports interest payments made to your bank accounts every year to the IRS. If you think that there is anything happening in your financial institutions that the IRS does not know about, you are seriously naive. This is not to say I agree with the gov't over reach, but when you vote to reduce your freedoms, you get what you asked for.
As described, the new provision adds significantly to the level of reporting required, covering the aggregate of all deposits and withdrawals, not just interest payments.
 
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NewsVine_Mariyam

NewsVine_Mariyam

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Do you think the IRS would have any problem seizing EVERYTHING you owned if they so desired? You created this by electing these dictators that want to have their fingers in every aspect of your life. It wasn't until $$$ was involved that you even cared. Lock-downs, mandatory masking, vaxxing--all of that is OK with you, but don't look into your bank account. Take your blinders off.
Don't you ever get tired of being wrong? Lock-downs, vaxxing, mandatory masking - all of that started BEFORE Biden got into office.

And if you weren't so blinded by your biases you might realize that many of the things I post and comment about are not things that I am necessarily personally concerned about but I post about them because they are wrong and/or adversely impact the rights of many others.

Nothing you have posted in this conversation is anything that I was not previously aware of. I don't why you keep behaving as if I am uneducated or have no knowledge and experience of how our country or corporate America works. I've done compliance training in order to effectively write computer programs for financial institutions (SOX - The Sarbanes-Oxley Act, GLBA - Gramm-Leach-Bliley Act, BSA - The Bank Secrecy Act, etc.) so I've known about the structuring prohibitions and the two thresholds although at the time of my training there was also a $2,500 threshold as well.

I find it absolutely stuifying that you're more bothered by the government wanting you to wear a mask for your benefit as well as that of others than having the IRS impose additional reporting requirements on YOUR money (oh right, I forgot, according to one IRS agent I spoke with it's not YOUR money, it's THEIR money, even before you earn it).
 

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