Biden Proposal Would Give IRS access to your bank account.

sentinelksmo.org...

The Biden Administration’s 2022 budget proposal — which claims to advance “equity across government” — included a provision that generally slipped under the radar, but would impose onerous new reporting requirements on community banks and raises privacy questions.

The Independent Community Bankers Association reports that the proposal would require financial institutions to report information on customer bank accounts to the IRS.

Currently, banks are only required to report deposits of $10,000 or more, however, the proposal would require banks and other financial institutions to report to the IRS on the deposits and withdrawals of all business and personal accounts with a balance of more than $600. 

The Kansas Bankers Association objected strongly to the proposed requirement and said flatly that they stand in opposition.

“The new reporting requirements would raise questions about customers’ right to privacy, create unnecessary and expensive burdens for banks and raise the cost of tax preparation for small businesses,”  President & CEO Doug Wareham said in a statement. “While all banks would be affected, small community banks with limited internal resources will be especially burdened by this new requirement. The new requirements will require a massive and expensive compliance effort to track and report inflows and outflows on all bank products.”

So I guess now the government wants to know if you have 600 dollars. I just want to ask why all the micromanagement? Can anyone explain the government's need to micromanage nearly every aspect of our lives? Is this what you elect them for? Why don't they do anything about any real issues and why do these same people who keep doing the same nothing for America just keep getting re-elected over and over again?

I have noticed that it is the people with no control over themselves/their lives spend their time trying to control everything/everyone else to compensate.

Dunno if that is true in this case, but I find the theory is sound.

A reply to: Chalcedony

Hmm. I heard the IRS was hiring like crazy too. Tine to hide the money under your mattress or in offshore accounts?

This really isn't necessary.

a reply to: GravitySucks


That's a myth . You can not hide your money in overseas bank account these days. Maybe go to Mexico with cash and deposit there, maybe that might work. Try depositing your money in a Belize bank. It may just disappear suddenly one day.

a reply to: Chalcedony

Together with what I read today about some proposed Europeans asset/gold/cryptocurrency/stocks/paintings etc owned registry, this makes me think of "you will own nothing and be happy"

originally posted by: musicismagic
a reply to: GravitySucks


That's a myth . You can not hide your money in overseas bank account these days. Maybe go to Mexico with cash and deposit there, maybe that might work. Try depositing your money in a Belize bank. It may just disappear suddenly one day.

Oh, this applies to Americans. Now if your spouse is a non-American , not sure about that since she would have a green card and possible social security number.

If you have over 10000 dollars in a foreigner bank account, you MUST report it .
You do not have to report your foreign bank account on your tax return unless the foreign account goes over $10,000 for just one day, you have to file an FBAR. Also you will need to report any foreign bank interest you receive because US citizens and residents are required to report all worldwide income in USD on your tax return.

Can you Imagine if the amount was $666.00
Asking for a friend....😳

originally posted by: musicismagic
a reply to: GravitySucks


That's a myth . You can not hide your money in overseas bank account these days. Maybe go to Mexico with cash and deposit there, maybe that might work. Try depositing your money in a Belize bank. It may just disappear suddenly one day.

Absolutely correct ! During tax season they want to know every account you have and how much money was in the account at the start and finish of the physical year. Maybe a Russian bank would tell them to piss off but most overseas banks know the routine and play the game.

This seems like something the banks should be against.

...Well I don't know. At first I was thinking this would just push customers away, BUT if we are headed towards an all-digital currency then I guess it won't matter.

In the not-so-distant future, most people may not have the option of not using a bank.

Even if you want to use another cryptocurrency you'll still probably need a bank if you want to get paid by your employer.

originally posted by: ancientlight

....this makes me think of "you will own nothing and be happy"

I'm already halfway there. I own nothing.
When does the 'happy' part begin?

originally posted by: BrokenCircles

originally posted by: ancientlight

....this makes me think of "you will own nothing and be happy"

I'm already halfway there. I own nothing.
When does the 'happy' part begin?

I own a bicycle and a guitar, I guess that is what makes me happy. I thought having a USA Passport would do the job, but these days I'm beginning to wonder if that brings happiness or worryness.

a reply to: Chalcedony

I have a relative that works for the IRS. When it comes to the IRS get their money, specially from the middle class income earners, they already got you. So many systems and processes in place to make sure this happens… this would be just another one.

It sounds like the government is getting desperate for money and wants to grab at any tiny discrepancies it can.

Dont they plan on doubling the IRS budget or something along those lines?

originally posted by: Chalcedony

the proposal would require banks and other financial institutions to report to the IRS on the deposits and withdrawals of all business and personal accounts with a balance of more than $600. 

This is a BFD. Unbelievable.

I have a bank account for my business however I keep very little money in it. I don't have a personal account and haven't in many years. I also don't have any kind of retirement plan and don't want one.

Each week when I make my deposit I keep $500 in and the rest I cash out and it goes in my safe at home. Every month I visit a friend that is a jeweler and I purchase 24K jewelers wire or scrap gold with my "savings" and that goes in my safe.

I've been doing this for years. You're getting the security of gold without paying a premium, don't have to worry about gambling with the market with a retirement fund, and when the shtf I'll have currency.

I learned a long time ago not to place my trust in government or bankers.

Ok, I've been actually reading through this via the Treasury site here.

It's on Page 94 (of 114 pages of document) if you want to hop directly to it. This is aimed directly at what I can only imagine would be small businesses. Hopefully quoting the section for this BS isn't breaking rules for context quotes, but I think this is going to be VERY important for the small business owners on here. You guys need to see this, if no one else:

Current Law

Business income is subject to limited information reporting. Current information reporting of
gross receipts exists for only certain types of revenue (from Forms 1099-MISC, 1099-NEC, and
1099-K), and there is no information reporting on total deductible expenses.

Reasons for Change

The tax gap for business income (outside of large corporations) from the most recently published
Internal Revenue Service (IRS) estimates is $166 billion a year.1 The scale of this revenue loss is
driven primarily by the lack of comprehensive information reporting and the resulting difficulty
identifying noncompliance outside of an audit. While the net misreporting percentage is only 5
percent for income subject to substantial information reporting, the net misreporting percentage
for certain categories of business income exceeds 50 percent.

Requiring comprehensive information reporting on the inflows and outflows of financial
accounts will increase the visibility of gross receipts and deductible expenses to the IRS.
Increased visibility of business income will enhance the effectiveness of IRS enforcement
measures and encourage voluntary compliance.

Proposal

This proposal would create a comprehensive financial account information reporting regime.
Financial 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,2 with the exception of accounts
below a low de minimis gross flow threshold of $600 or fair market value of $600.

Other accounts with characteristics similar to financial institution accounts will be covered under
this information reporting regime. In particular, payment settlement entities would collect
Taxpayer Identification Numbers (TINs) and file a revised Form 1099-K expanded to all payee
accounts (subject to the same de minimis threshold), reporting not only gross receipts but also
gross purchases, physical cash, as well as payments to and from foreign accounts, and transfer
inflows and outflows.

Similar reporting requirements would apply to crypto asset exchanges and custodians.
Separately, reporting requirements would apply in cases in which taxpayers buy crypto assets

The way this is worded? Sounds exactly like they're going after small businesses, and making the rest of us suffer along with them with bank account strings. "Gross purchases", what, they want to see how much bread someone buys in a damn week now? Oh have I got some words.

a reply to: Chalcedony

A while back, a relative read somewhere that to achieve equity the government wants to take people's savings away from them and redistribute it to the less fortunate.

It may come to there being no point in saving.

No wonder they say the IRS needs thousands more employees 🤣

A while back, a relative read somewhere that to achieve equity the government wants to take people's savings away from them and redistribute it to the less fortunate.

a reply to: VierEyes

Your relative got it half right. They want to redistribute it to the most fortunate. This has been going on for years. The local, state, and federal government have been subsidizing big business for decades. You have billion dollar company's paying a non living wage, the government picks up their slack with welfare programs. They also get huge tax breaks to bring their non livable wage jobs to your state and city. The federal, state, and local governments are always paying to clean up big business messes, of course that means you the tax payer. The super wealthy just got a tax break under our last president, that money has to be covered somehow.

Both the democrats and republicans are doing this together. It's been said big business owns congress. But that is wrong, big business is congress.

a reply to: Timucuan

That sounds like the only way to go. Only keep enough in the bank to cover bills, the rest in cash and maybe gold and silver.
The reason I say maybe gold and silver, is when and if tshf, be it a end of the world type deal or avoiding big brother , those that have the goods needed to survive are going to know it also. You can bet the cost of those goods in a black market are going to be extreme and unless you have unlimited quantities of it, it won't be long before it's gone.

You got to remember, everybody except maybe the "elite" or those that comply will be in the same boat competing for limited or closely watched resources.

Besides, it was made illegal once to own gold. Who's to say it won't be again, especially if the govt goes full retard and starts going house to house confiscating gold and imprisoning those where it's found.