New "Proposed" Banking Regulations

[Rams]

Just received this from one of the banks I do business with.   It would seem that some of our "Leaders" want to monitor our activities to an even greater detail.

Dear PriorityOne Bank Customer,

We care about you, your finances, and your account with our
bank, so we want to let you know about a concerning proposal taking shape in Washington, D.C. If passed, the proposal would require financial institutions to report a larger range of information about your account to the IRS.

This new reporting plan could force banks to report the inflows and outflows on all personal and business accounts with a balance of $600 or more. We would not have a choice in reporting this information to the IRS.

If you want to make your voice heard by policymakers or learn more about this proposal, visit banklocally.org/privacy. We value your business and privacy and want to make sure you have all the information you need regarding your finances and your money.

Please let us know if you have any questions. We look forward to continuing to serve you and our community.

Sincerely,

Ya know, I don't have a thing to hide from anyone.   But, I'm getting a little tired of our "Leaders" sticking their noses into my business.   YMMV

Rams

[carolinarider09]

I find that very hard to accept and even believe.  It is as if the FEDs what to keep an eye on every dime spent.

But then, what the Dems want is all our money. 

We need to know who is sponsoring this bill/legislation/rule, etc.....

[carolinarider09]

Found this:

https://www.atr.org/biden-s-600-financial-reporting-requirement-could-lead-even-more-violations-taxpayer-rights

Search term if you want to see more.

https://duckduckgo.com/?q=proposal+to+have+banks+report+transacitons+on+accounts+over+%24600&t=h_&ia=web

[98valk]

I find that very hard to accept and even believe.  It is as if the FEDs what to keep an eye on every dime spent.

But then, what the Dems want is all our money. 

We need to know who is sponsoring this bill/legislation/rule, etc.....

not our money it is the fiat system money of the federal reserve a private banking corp.
Congress would have to be issuing the money per the USC for it to be our the American peoples money.

[G-Man]

Remember, Obamacare included the hiring of something like 14,000 new IRS agents.  What did you think all these new agents were gonna do?  Gonna be a lot of money under people's mattresses.  

[old2soon]

     SO my fed guv social insecurity direct deposit sorta like money IS in more peril than the guv that issued it?  what else is new? I've alredy said "stuff" to folks on an open line-phone-and texted "stuff" that under the current admin in deception central just might p o em a bit.  next I forsee cameras EVERYWHERE much like some of the major metropolitan areas already have even here in Redneck Country!  RIDE SAFE.

[3fan4life]

Just one more step closer to Communism. 

[Wizzard]

Sad thing is politicians will probably exempt themselves from this. That is how they do other things.

[old2soon]

Sad thing is politicians will probably exempt themselves from this. That is how they do other things.

          their-politicians-take has been will be and continues to be rules for thee but NOT FOR US and we already KNOW "they" pay NO attention at all to The Constitution of 1the United States of America by which "they" are supposedly bound. RIDE SAFED.

[The emperor has no clothes]

Just received this from one of the banks I do business with.   It would seem that some of our "Leaders" want to monitor our activities to an even greater detail.

Dear PriorityOne Bank Customer,

We care about you, your finances, and your account with our
bank, so we want to let you know about a concerning proposal taking shape in Washington, D.C. If passed, the proposal would require financial institutions to report a larger range of information about your account to the IRS.

This new reporting plan could force banks to report the inflows and outflows on all personal and business accounts with a balance of $600 or more. We would not have a choice in reporting this information to the IRS.

If you want to make your voice heard by policymakers or learn more about this proposal, visit banklocally.org/privacy. We value your business and privacy and want to make sure you have all the information you need regarding your finances and your money.

Please let us know if you have any questions. We look forward to continuing to serve you and our community.

Sincerely,

Ya know, I don't have a thing to hide from anyone.   But, I'm getting a little tired of our "Leaders" sticking their noses into my business.   YMMV

Rams

Just how wealthy are you that you need to do business with several banks ? 

[carolinarider09]

Its all about CONTROL!!!!!!   

Democrats do not believe in what is stated in the Declaration of Independence or the United States Constitution. 

Remember these words from the Tenth Amendment. 

The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.

This has been abused not only by the states (allowing federal control) but abused by the FEDs. 

Remember, every dollar that the Feds give to the states is buying power.  And lots of us have just let this happen.  This "monitoring" is just one more step. 

Contact your congressman or women.   Contact your bank.  Are Credit Unions included?  If not shift your resources if this becomes law. 

[Avanti]

Take your bank balance divide it by 599 and that is how many banks you will need.

[scooperhsd]

I use a credit union. The only reason we also use a bank is for MIL's accounts.

[Rams]

Just received this from one of the banks I do business with.   It would seem that some of our "Leaders" want to monitor our activities to an even greater detail.

Dear PriorityOne Bank Customer,

We care about you, your finances, and your account with our
bank, so we want to let you know about a concerning proposal taking shape in Washington, D.C. If passed, the proposal would require financial institutions to report a larger range of information about your account to the IRS.

This new reporting plan could force banks to report the inflows and outflows on all personal and business accounts with a balance of $600 or more. We would not have a choice in reporting this information to the IRS.

If you want to make your voice heard by policymakers or learn more about this proposal, visit banklocally.org/privacy. We value your business and privacy and want to make sure you have all the information you need regarding your finances and your money.

Please let us know if you have any questions. We look forward to continuing to serve you and our community.

Sincerely,

Ya know, I don't have a thing to hide from anyone.   But, I'm getting a little tired of our "Leaders" sticking their noses into my business.   YMMV

Rams

Just how wealthy are you that you need to do business with several banks ?  

So, you think doing business with a bank means someone is wealthy?   Hmm, I'll have to use that next time I make a payment or two.  
Oh, also the Dem leadership wants to put a Capital Gains Death Tax on inheritance.    Personally, I'm thinking that is so wrong.   What I have I want to leave to my kids and they shouldn't have to pay a tax on something I already paid taxes on.   Pelosi and her squad simply want to pay for all the social programs till there isn't anything left.   The rules of the road prevent me from stating just how strongly I feel about that bitch.

Rams

[Patrick]

I was under the impression that withdrawals of $10K were required to be reported, but, now I've  heard it was reduced to $5K.  And I thought that was bad.

So this is now reducing that amount to $600 !  I can't see that passing. That is a massive amount of work for too many people. But, if it does pass it may work to our advantage, how could that possibly be kept up with.

I'm a cash guy and withdraw more than that constantly.  So I guess I'll be keeping them busy.

[Ken aka Oil Burner]

I think I will have to open another bank account and put $650 in it. Then, withdraw and deposit the same $100 every three days, just to make the account balance go in and out of the $600 mark. If they're going to hire all these new agents, they may as well earn their pay.

[carolinarider09]

I think I will have to open another bank account and put $650 in it. Then, withdraw and deposit the same $100 every three days, just to make the account balance go in and out of the $600 mark. If they're going to hire all these new agents, they may as well earn their pay.

   I like that idea.   

[Avanti]

I think I will have to open another bank account and put $650 in it. Then, withdraw and deposit the same $100 every three days, just to make the account balance go in and out of the $600 mark. If they're going to hire all these new agents, they may as well earn their pay.

   I like that idea.   

Maybe someone could write a program/app that would do it automatically.

[carolinarider09]

I think I will have to open another bank account and put $650 in it. Then, withdraw and deposit the same $100 every three days, just to make the account balance go in and out of the $600 mark. If they're going to hire all these new agents, they may as well earn their pay.

   I like that idea.   

Ok... I have re-thought this after re-reading the first post.

The requirement will be for the bank to notify the Feds.  So, the bank will have to write a program or change a program and then that program will have to monitor your balance and when the $600 is reached  excute a message sending thingy and that will go to the Fed's inbox and they will have a computer program just count and monitor.

So, my problem is, like most of the Fed stuff, the work will be placed on the lowest level, the bank which will charge you more, or have to cover it some how. 

Anyway, just a thought. 

[98valk]

remember the IRS is nothing more than a collection agency for the federal reserve.

https://www.keepertax.com/posts/1099-under-600

https://budgeting.thenest.com/report-earnings-under-600-27251.html

[Bagger John - #3785]

I think I will have to open another bank account and put $650 in it. Then, withdraw and deposit the same $100 every three days, just to make the account balance go in and out of the $600 mark. If they're going to hire all these new agents, they may as well earn their pay.

Won't even be a blip on their radar. Computerized systems with ML and AI capabilities will be leveraged to filter out noise such as this.

[Bagger John - #3785]

Maybe someone could write a program/app that would do it automatically.

See my reply immediately above.

[Rams]

Some questioned the initial post where one of my banks said this was being proposed.
Well, it's finally in the news.

Fact check: Claim about the IRS monitoring bank accounts over $600 exaggerates reality

The claim: Treasury Department 'declares' IRS will monitor transactions in all U.S. bank accounts over $600
A tax law proposal by the Biden administration has led social media users to question whether the government is overstepping on Americans’ financial privacy.

“Biden’s Treasury Dept. Declares IRS Will Monitor Transactions of ALL U.S. Accounts Over $600," reads the headline of a Sept. 10

The same claim popped up in various iterations on social media, like a Sept. 22 Instagram post claiming Biden's proposal would give the IRS "direct access to your bank transactions." It accumulated several thousand likes within the first day.

While the claim is based in reality, it gets many of the facts wrong. The claim’s assertion is a proposal by the Biden administration, not a decision set in stone. The Treasury cannot “declare” any changes to law, as that is a legislative power that belongs to Congress. And even if the proposal is adopted banks would not provide access to individual transactions, just the total amount flowing in and out of an account annually.

Proposal by Treasury isn't official
A May document from the Department of the Treasury outlines a number of the Biden administration’s revenue proposals for the 2022 fiscal year. The proposal referred to in the claim suggests introducing more comprehensive financial account reporting to “improve tax compliance.”

The latest IRS estimates show a tax gap of $166 billion per year between the tax owed by businesses (not counting large corporations) and the tax actually paid. The document says requiring comprehensive reporting on money flowing in and out of accounts "will enhance the effectiveness of IRS enforcement measures and encourage voluntary compliance."

To achieve that, the Treasury proposed requiring financial institutions to annually report the total amount of money that went in and out of bank, loan and investment accounts if those accounts hold a value of at least $600, or if the total is at least $600 in a year.

That means that if the total debits (funds flowing out of the account) and credits (funds flowing into the account) equal at least $600 — including deposited paychecks or money transferred from finance apps like Cash App or PayPal — banks would have to report those figures to the IRS.

However, the banks would not report details on individual transactions, like how the money was spent, only the total amount of money flowing in and out of the applicable accounts.

Having that information will help the IRS flag under-reported income and target enforcement activities on tax evaders, the Treasury said.

Chuck Marr, senior director of federal tax policy at the Center on Budget and Policy Priorities, told USA TODAY the threshold for tracking the funds is set low, at $600, to make sure the system can't be manipulated by the wealthy.

"It's hundreds and hundreds of billions of dollars a year of taxes that are legally owed and not collected at the IRS which has been decimated with a decade of budget cuts, and that has led to a plummeting of audit, particularly of high income people, to the point now where some the highest capital audit rates in the country tend to be in Deep South poor, Black, rural counties, which is obviously upside down," Marr said. "...You want to make sure the threshold is low enough so these people cannot divide up their money into multiple accounts."

The proposed initiatives are aimed at making the tax system more equitable and efficient, said Natasha Sarin, the treasury's deputy assistant secretary for economic policy.

“Overall, the Administration’s compliance initiatives are guided by a singular objective – bringing about an end to a two-tiered tax system, where ordinary Americans comply with their tax obligations, but many high-end taxpayers do not,” Sarin said in a statement.

The prospective reporting requirements are being considered as a revenue offset for Congress' $3.5 trillion reconciliation bill, as the Treasury estimates the system will generate $460 billion over a decade. The proposal last appeared in negotiations for the $1 trillion bipartisan infrastructure package that passed the Senate in August and is awaiting a vote in the House, the American Banker reported Sept. 8.

Additionally, the Biden administration cannot “declare” any change to the current law as the InfoWars headline asserts, as that is a legislative power that belongs to Congress.

If approved, the proposal would go into effect after Dec. 31, 2022.

https://www.msn.com/en-us/n...cid=uxbndlbing&pfr=1

Rams

[DIGGER]

Next will probly be a tax on each bank transaction.   Just my forcast.

[MAD6Gun]

Just received this from one of the banks I do business with.   It would seem that some of our "Leaders" want to monitor our activities to an even greater detail.

Dear PriorityOne Bank Customer,

We care about you, your finances, and your account with our
bank, so we want to let you know about a concerning proposal taking shape in Washington, D.C. If passed, the proposal would require financial institutions to report a larger range of information about your account to the IRS.

This new reporting plan could force banks to report the inflows and outflows on all personal and business accounts with a balance of $600 or more. We would not have a choice in reporting this information to the IRS.

If you want to make your voice heard by policymakers or learn more about this proposal, visit banklocally.org/privacy. We value your business and privacy and want to make sure you have all the information you need regarding your finances and your money.

Please let us know if you have any questions. We look forward to continuing to serve you and our community.

Sincerely,

Ya know, I don't have a thing to hide from anyone.   But, I'm getting a little tired of our "Leaders" sticking their noses into my business.   YMMV

Rams

Just how wealthy are you that you need to do business with several banks ? 

 That's what you took out of Ron post?  How wealthy he must be using multiple banks?  Not the fact that the Democrats want to monitor all financial transactions above $600.

 Why is it that democrats have the need to tell us how to live our lives. It's like they think we are to stupid to do it ourselves.

 

[Jersey mike]

Just received this from one of the banks I do business with.   It would seem that some of our "Leaders" want to monitor our activities to an even greater detail.

Dear PriorityOne Bank Customer,

We care about you, your finances, and your account with our
bank, so we want to let you know about a concerning proposal taking shape in Washington, D.C. If passed, the proposal would require financial institutions to report a larger range of information about your account to the IRS.

This new reporting plan could force banks to report the inflows and outflows on all personal and business accounts with a balance of $600 or more. We would not have a choice in reporting this information to the IRS.

If you want to make your voice heard by policymakers or learn more about this proposal, visit banklocally.org/privacy. We value your business and privacy and want to make sure you have all the information you need regarding your finances and your money.

Please let us know if you have any questions. We look forward to continuing to serve you and our community.

Sincerely,

Ya know, I don't have a thing to hide from anyone.   But, I'm getting a little tired of our "Leaders" sticking their noses into my business.   YMMV

Rams

Just how wealthy are you that you need to do business with several banks ? 

 That's what you took out of Ron post?  How wealthy he must be using multiple banks?  Not the fact that the Democrats want to monitor all financial transactions above $600.

 Why is it that democrats have the need to tell us how to live our lives. It's like they think we are to stupid to do it ourselves.

 

As I read through the posts I was wondering the same thing.

My wife and I have multiple savings and checking accounts. Each set up for specific purposes and purchase expenses as do our kids. We also hold credit cards from multiple institutions, again all for specific reasons and usage.

[Jess from VA]

Why is it that democrats have the need to tell us how to live our lives.  It's like they think we are too stupid to do it ourselves.


Every single thing they do (today) is aimed at consolidating, insulating and increasing their political control of the country, all it's institutions and the people.

While they and their lapdog media and tech always have some kind of nice and reasonable sounding spin to put on whatever it is they are doing or want to do, it is never true.  Truth is their enemy.  

They view the Constitution and rule of law as only an impediment to be circumvented or ignored.  Lie, cheat, steal, propagandize, threaten, shame, castigate, destroy and rewrite history, religious principles and tradition, divide the people, and never let a catastrophe go to waste is their stock in trade.

Everything for the Party, nothing for the Country (or citizens).

They represent the single biggest threat to our constitutional republic and our principles of freedom and individual liberty that the US has faced in our entire history of existence.  Nazi Germany, Imperial Japan and Communist Russia and the Eastern Bloc all paled by comparison as direct threats to our Nation.  

They are the principle enemy of our Country and our people.

How they are loved by so many is a mystery other than 100 years of successful vote buying strategy, and generations of younger people raised in a socialist inspired education system.  And lots of weak minds.

   

 

[..]

 And lots of weak minds.
 

 

[Robert]

Wow MSN fact check  

Man is that a contradiction in terms.

[carolinarider09]

They are the principle enemy of our Country and our people.

How they are loved by so many is a mystery other than 100 years of successful vote buying strategy, and generations of younger people raised in a socialist inspired education system.  And lots of weak minds. ]   
 

What Jess said!!!!!

Yes the Democrat Party is the enemy of our country and our people.  One only has to look at the $3.5 Trillion Build Back Better Infrastructure "thing" to see that.

Do you want your children's future mortgaged to support todays Democrat Party?  Do you want your children's children's future mortgaged to support todays Democrat Party????? 

[Rams]

Wow MSN fact check  

Man is that a contradiction in terms.

Would you rather see the FOX news report I watched this morning?   The fact is, the $600 banking/IRS rule is in that $3.5 T bill.   Don't like that source, find your own.

Rams

[Robert]

Wow MSN fact check  

Man is that a contradiction in terms.

Would you rather see the FOX news report I watched this morning?   The fact is, the $600 banking/IRS rule is in that $3.5 T bill.   Don't like that source, find your own.

Rams

NO Fox is not so good either but for a person that seems to be meticulous and likes facts I personally wouldn't go to any main stream media especially for fact check. Maybe for factual, readable information that easily could be verified but that is about it.

[Rams]

Wow MSN fact check  

Man is that a contradiction in terms.

Would you rather see the FOX news report I watched this morning?   The fact is, the $600 banking/IRS rule is in that $3.5 T bill.   Don't like that source, find your own.

Rams

NO Fox is not so good either but for a person that seems to be meticulous and likes facts I personally wouldn't go to any main stream media especially for fact check. Maybe for factual, readable information that easily could be verified but that is about it.

Well Robert, then I'll have to suggest this is similar to Obama Care, you can read it after they pass the bill.
Edited:   But then, I could be making it all up just to send you on a wild goose chase.   Liars do that kind of thing ya know.   

Rams

[Patrick]

Weak minds was mentioned. Seems they are getting weaker by the day sometimes. Talking with some teachers about makes my head explode.

[Robert]

Wow MSN fact check  

Man is that a contradiction in terms.

Would you rather see the FOX news report I watched this morning?   The fact is, the $600 banking/IRS rule is in that $3.5 T bill.   Don't like that source, find your own.

Rams

NO Fox is not so good either but for a person that seems to be meticulous and likes facts I personally wouldn't go to any main stream media especially for fact check. Maybe for factual, readable information that easily could be verified but that is about it.

Well Robert, then I'll have to suggest this is similar to Obama Care, you can read it after they pass the bill.
Edited:   But then, I could be making it all up just to send you on a wild goose chase.   Liars do that kind of thing ya know.   

Rams

Well you know you may not be a liar, you could be someone who is massively misinformed and are making critical decisions on that misinformation. But the problem comes in when you by the BS and support it, then you become part of the problem and not the solution.

Watching main stream media can do that though. So no worries.

[Rams]

Well you know you may not be a liar, you could be someone who is massively misinformed and are making critical decisions on that misinformation. But the problem comes in when you by buy the BS and support it, then you become part of the problem and not the solution.

Watching main stream media can do that though. So no worries.

Trying to keep this on topic, does that mean you do or don't believe the initial posting about banking regulations?

Reference misinformation:       

Rams 

[..]

https://www.newstribune.com/news/opinion/story/2021/oct/02/the-600-irs-reporting-requirement/891115/?fbclid=IwAR3V4nJ34fdssIGlq6UbJl-uwC73n4U62mUC84t5VJo9pBGvlBIReWMuh74

[Patrick]

Well, if it does happen in 2022, just bury them in paperwork. I'll do several every day.  And I didn't think a year ago that our country could get any worse.

[Rams]

https://www.newstribune.com/news/opinion/story/2021/oct/02/the-600-irs-reporting-requirement/891115/?fbclid=IwAR3V4nJ34fdssIGlq6UbJl-uwC73n4U62mUC84t5VJo9pBGvlBIReWMuh74

Britman,
Thanks for posting another source about the IRS/Banking issue.   But, some may not believe it either.   Sorry, I can't control that.
U.S. Rep. Blaine Luetkemeyer, R-Mo is correct in his remarks about this.

Rams

[..]

https://www.dailymail.co.uk/news/article-10061109/Yellen-BACKS-IRS-reporting-600-transactions-tax-7T-gap.html


Treasury Secretary Yellen BACKS the IRS reporting $600 transactions because it will 'fill the tax $7T gap'