WH Changes IRS Snooping from $600 to $10,000

[Eupher]

Gropey Joe's handlers (Barry, et. al.) are trying to blow smoke up our asses.

Again.

The key word here is ANNUALLY. IRS still wants to snoop if you make more than $10K per year. Even those who grift off the government and pay zero income taxes make more than that.

After massive pushback from Republican lawmakers, community banks and everyday Americans, the Treasury Department announced Tuesday it has increased the threshold for the IRS to monitor accounts from $600 to $10,000.

"Having this summary information will help flag for the IRS when high-income people under-report their income (and under-pay their tax obligations). This will help the IRS target its enforcement activities on those who are actually evading their tax obligations—decreasing costly and burdensome audits for the vast majority of taxpayers who pay what they owe," Treasury released in a 'fact sheet.' "Under the current proposal, financial accounts with money flowing in and out that totals less than $10,000 annually are not subject to any additional reporting. Further, when computing this threshold, the new, tailored proposal carves out wage and salary earners and federal program beneficiaries, such that only those accruing other forms of income in opaque ways are a part of the reporting regime."

More at the link if you can get past the smell of Treasury-laden shit. 

https://townhall.com/tipsheet/katiepavlich/2021/10/19/the-white-house-just-changed-the-threshold-for-irs-snooping-on-bank-accounts-n2597679?utm_campaign=rightrailsticky1

[Texacon]

I'm assuming "federal program beneficiaries" is a nice way of saying; welfare, SS, SSDI, etc.?

If so, this is a bunch of bullshit on top of a bunch of bullshit.  I personally know several people on federal programs who work side jobs and will only accept cash as payment.

KC

[Eupher]

I'm assuming "federal program beneficiaries" is a nice way of saying; welfare, SS, SSDI, etc.?

If so, this is a bunch of bullshit on top of a bunch of bullshit.  I personally know several people on federal programs who work side jobs and will only accept cash as payment.

KC

The central point is - no matter how Yellen and her ilk want to spin it - this is massive federal overreach and a serious invasion of privacy.

[old dog 2]

Just like multi-bracket tax rates, they will use inflation to achieve their original goal.  How long before $10,000 is the "new $600"?

I remember in the 70's when a 10 cent an hour raise kicked me into the next bracket and my take-home actually went down.

[old dog 2]

How long before they propose eliminating cash? 

[thundley4]

How long before they propose eliminating cash?

They already have. C-19 forced many companies to go completely to direct deposit for payroll. How many times have we seen reports about shortages of coins?

[DLR Pyro]

I'm assuming "federal program beneficiaries" is a nice way of saying; welfare, SS, SSDI, etc.?

looks like that is how they exempt illegal aliens who receive more than $10k from the U.S. Taxpayer in the form of "federal program beneficiaries" from being reported.

Once again the federal government is giving preferential treatment to those who have no legal right to be here over those of us who are legal citizens and taxpayers.

[Mr Mannn]

This is SEMANTICS. Making more than 10K a year is a LOWER threshold that $600 in an account.
it is STILL snooping without a warrant.

[thundley4]

I am assuming that when they say they will exempt "wage earner's" account deposits, they mean ones with regular deposits from an employer. But it will still be triggered by $10 K outgoing, which means anyone paying their bills every month.

[Texacon]

I am assuming that when they say they will exempt "wage earner's" account deposits, they mean ones with regular deposits from an employer. But it will still be triggered by $10 K outgoing, which means anyone paying their bills every month.

And for those of who own businesses it's going to be really tough.  They have had a requirement for a long time that any individual transaction above $10k had to be reported, but this new requirement ... I don't think the DUmmies have quite thought through this.  The amount of work this is going to cause every single financial institution is not going to be cheap, and if the DUmmies don't think the financial institution is going to spread that cost amongst ALL their customers, they have another thing coming.

It's another defacto tax, brought to you by the democrats.

KC

[thundley4]

And for those of who own businesses it's going to be really tough.  They have had a requirement for a long time that any individual transaction above $10k had to be reported, but this new requirement ... I don't think the DUmmies have quite thought through this.  The amount of work this is going to cause every single financial institution is not going to be cheap, and if the DUmmies don't think the financial institution is going to spread that cost amongst ALL their customers, they have another thing coming.

It's another defacto tax, brought to you by the democrats.

KC

Wait until Biden forces negative interest rates on us.

[DLR Pyro]

Wait until Biden forces negative interest rates on us.

I can foresee that coming on our 401k plans.

[Drafe Hoblin]

How long before they propose eliminating cash?

Harriet Tubman $20, we barely knew ye.

[Ferrance]

A few things. There are no new taxes with this proposal yet. The reporting carve outs a for anyone who's income gets reported on a w2. The problem with that is it excludes anyone who's income comes in on a 1099. So, contractors and business owners are going to get caught up in this. According to Ron Wyden (D-OR) who is the mastermind behind this garbage, the intent is to use banks to snitch on the top 1% to find out where all this supposedly tax-dodged missing money is at. It's obvious, in realty, this is nothing but the latest big brother 4th amendment violation that totalitarian asshats like Ron Wyden love.     

[Ralph Wiggum]

A few things. There are no new taxes with this proposal yet. The reporting carve outs a for anyone who's income gets reported on a w2. The problem with that is it excludes anyone who's income comes in on a 1099. So, contractors and business owners are going to get caught up in this. According to Ron Wyden (D-OR) who is the mastermind behind this garbage, the intent is to use banks to snitch on the top 1% to find out where all this supposedly tax-dodged missing money is at. It's obvious, in realty, this is nothing but the latest big brother 4th amendment violation that totalitarian asshats like Ron Wyden love.     

Well, there are implied taxes due to extra regulation by the jack-booted thugs of the government by bloating the funding for it.

Every company where I've been familiar with the finances regularly takes in not just over $600, $10k, or a million dollars on a regular basis.

This whole process involves adding woke IRS agents and expanding the bureaucracy.  Even young aspiring CPA's want no part of working for the government, private industry is where the bucks are.  However, it might look good on a resume that one worked for the Internal Revenue Service for 2 years.

[thundley4]

This whole process involves adding woke IRS agents and expanding the bureaucracy.

Biden to Seek $80 Billion to Bolster IRS, Tax Enforcement

WASHINGTON—President Biden plans to propose an $80 billion funding boost for the Internal Revenue Service over the next decade, a major expansion of the tax agency that would double its enforcement staffing and give it new tools to combat tax dodging by the wealthiest Americans.

https://www.wsj.com/articles/biden-to-seek-80-billion-to-bolster-irs-tax-enforcement-11619539465

[Ferrance]

Well, there are implied taxes due to extra regulation by the jack-booted thugs of the government by bloating the funding for it.

Every company where I've been familiar with the finances regularly takes in not just over $600, $10k, or a million dollars on a regular basis.

This whole process involves adding woke IRS agents and expanding the bureaucracy.  Even young aspiring CPA's want no part of working for the government, private industry is where the bucks are.  However, it might look good on a resume that one worked for the Internal Revenue Service for 2 years.

Biden to Seek $80 Billion to Bolster IRS, Tax Enforcement

WASHINGTON—President Biden plans to propose an $80 billion funding boost for the Internal Revenue Service over the next decade, a major expansion of the tax agency that would double its enforcement staffing and give it new tools to combat tax dodging by the wealthiest Americans.

Of course there will be addt'l taxes and/or regulations which needs thugs in suits to enforce them. This proposal comes across as a first step for the federal gov't to further entrench itself into our lives like a damn parasite.