NewsVine_Mariyam
Platinum Member
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.
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.
The Biden administration is aiming to bolster the Internal Revenue Service by adding bank account reporting requirements to Democrats' massive tax and spending bill, prompting a swift backlash from Republicans who have warned it infringes on customers' privacy.Under the proposal, banks and other financial institutions would be required to annually report customers' account inflows and outflows of $600 or more to the IRS. The White House has estimated the policy, which would apply to bank, loan and investment accounts, could generate about $463 billion in additional revenue over the next decade.In a memo to congressional Democrats, the administration defended the plan, saying it requires banks and financial institutions to provide a "little bit of high-level information" to the IRS on account flows in order to give the agency more information about wealthy Americans' earnings from investments and business activity.
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