Posted on 08/31/2021 10:21:12 PM PDT by Sequoyah101
Simply put, the American Families Plan calls for banks and other financial institutions to report more than just a taxpayer’s interest earned, capital gains and losses. Banks and other financial institutions would also be required to report “aggregate account outflows and inflows.” In other words, the IRS will know about all of your bank accounts, whether you earned income on that account or not, how much is in the account in a given year, and how much was transferred in and out of the account.
(Excerpt) Read more at forbes.com ...
Going to be very hard to enforce that.
I was at my local bank here in Arkansas a few years back. Waiting in line I saw the clerk count out $16,000 in cash and put it in a sack for the customer in front of me.
Made my little $100 check look like a pittance.
He did not even have any guards with him.
Happened about 7 years ago at Chase. I had to insert my debit card and authenticate in order for the deposit to be processed. The debit card was from a different account then the one being deposited.
Use a generic deposit slip that you’d fill out to specify the deposit account, then see a bank teller to make the deposit.
Of course an ATM won’t demonstrate the necessity of identification for cash deposits since identification is necessary in order to use the machine.
Interestingly enough I did something much like this but I withdrew 25000 in $100’s once when buying a used track hoe and the seller wouldn’t take a cashier’s check.
My monthly bills are about $2,400 so I can't wait to get investigated for transferring money from savings to checking every month to pay my bills.
yeah, and the 14K can be from a husband and a wife to a husband and a wife.
So that’s 14K x 4 from say, parents to kids.
One time I did my taxes on Turbotax. I went through a series of questions about a one time tax credit that the end result was I didn’t qualify for. I got a letter from IRS a couple of weeks after filing telling me I did qualify for the credit and my refund would increase by that amount. That made me question if the IRS knows that much about my finances why do even have to file a return?
It's ridiculous anyone would make a law like that.
They want to force you to put more and more money into the banking system so if they need to they can confiscate it a la Cyprus in 2013.
They’re probably looking for someone to make a mistake so they can fine them and get even more money.
I didn’t see a mention of $600 anywhere in the article for any kind of threshold. The $600 part is not in the title of the article either. The way I read the article is it would be required to report overall inflows and outflows of accounts to the IRS(yearly?). The IRS wouldn’t receive a report every time one made a transaction. The Forbes article suggests this would trigger expensive audits for legitimate high dollar transfers that are not taxable.
From my bank:
This new reporting plan would force banks like us 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 this proposal is enacted into law.
The article is from April, the letter from my bank is this week. There are other articles that have that detail but you have to sign up for them to read them and unlike others I posted what you can get to and read easily.
What did you think she was fishing for
The corrupt politicians take bribes in the open and the IRS misses all of it but they go after you for petty cash.
I see the mention of the bank letter in your first post. I probably forgot it by the time I got down thread. I’ve read a few more articles on the subject. There seems to be some confusion if the reporting would be on a monthly or annual basis if enacted.
p
This Forbes article is dated 4/28/21.
Yet I am hearing about this all last week...Is this being snuck into the budget bills?
And I wonder if all the focus on Vaccine Mandates this week are a diversion to get this passed...
Yes. And many other things.
dems need to read the US Constitution 4th amendment
unreasonable search and seizure. Definition. An unreasonable search and seizure is a search and seizure by a law enforcement officer without a search warrant and without probable cause to believe that evidence of a crime is present.
Katz v. United States (1967), the Supreme Court held that its protections extend to intrusions on the privacy of individuals as well as to physical locations. A warrant is needed for most search and seizure activities
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