$600 is WAY less than a mortgage payment, and even less than a lot of car payments. Some folks have that big a bill for cell phone service.
Just the sheer volume of these payments that are expected to be reported is staggering. Is there enough storage capacity on the vast array of government servers to HOLD all these transactions?
Let alone to retrieve it in any meaningful fashion.
I don’t think it matters. A lot of people voted for this crap and we have to fight on their behalf? Make it a sunset law renewable the day after each election. If it’s not an immediate election issue no one will pay attention.
>Let alone to retrieve it in any meaningful fashion.
They probably have an algorithm that does a few things
1. notes any large deposit not from a W-2/1099 source on the previous year’s tax return
2. notes any movement of funds over $1000 from paypal/coinbase/robinhood/venmo/ etc
3. notes any bank to bank transfer under the same SSN
It’s going to become automated to the point where the IRS will simply deduct taxes for assumed evasion and the one fined will have to dispute, instead of the other way around.
Not to worry, they will just buy more. WITH OUR MONEY! IOW, they are taking OUR money to punish us.
FJB!
Let alone to retrieve it in any meaningful fashion.
I work on software that runs High Performance Computers. Our software enables "big data".
They don't really need a formal database to handle that data. I speculate that the data would be fed into a big data system in order to produce a model which would tell them where ALL the money is down to the last bank account and stock broker account.
They would know where all your money is deposited.