Anyone heard of Bidens proposal for community banks?

[Cameramonkey]

I posted the same article not knowing you already had. When I read that, and just re-read it, I think that has to be misrepresented, misunderstood by the reporter. There’s no way they want that much info IMO.

Ok, So that should be purple, right? If not...


This is Democrat controlled IRS we are talking about here..

 

[ditcherman]

You assume they are going to assume that deposit is THEIR money and you didnt CASH the check and this is DIFFERENT, coincidental income. Dont be ridiculous. They are going to assume all money is new money unless you can prove otherwise if they are getting this petty.

Well, ok, I just watch my accountant who I pay something approaching 5k a year put numbers down on a form, that type of transaction is pretty automatic. You might have to prove something, just not that.

 

[ditcherman]

Ok, So that should be purple, right? If not...


This is Democrat controlled IRS we are talking about here..

Who doesn’t have $600 bucks in their account? And they want every transaction reported after that?
I mean, that actually could be good news because they’ll be so inundated with data they won’t be able to do anything with it. Just my opinion. We’ll see.

ETA: want to clarify my comment about ‘who’s doesn’t have $600’, what I really mean is who doesn’t have that balance that they want to watch. I would think any business has a more substantial balance than that to operate in general.
Didn’t mean that to come off as pious or something. Anyone with ‘just’ w2 income is already pretty well tracked.

 

[Tombs]

Looks like laying the groundwork to tax the poor, to me.

 

[fullmetaljesus]

Who doesn’t have $600 bucks in their account? And they want every transaction reported after that?
I mean, that actually could be good news because they’ll be so inundated with data they won’t be able to do anything with it. Just my opinion. We’ll see.

ETA: want to clarify my comment about ‘who’s doesn’t have $600’, what I really mean is who doesn’t have that balance that they want to watch. I would think any business has a more substantial balance than that to operate in general.
Didn’t mean that to come off as pious or something. Anyone with ‘just’ w2 income is already pretty well tracked.

I read somewhere that most us households couldn't handle a $400 emergency. So that makes me think most folks prob don't have that $600 on a constant day to day basis.

 

[ditcherman]

I read somewhere that most us households couldn't handle a $400 emergency. So that makes me think most folks prob don't have that $600 on a constant day to day basis.

And I think the irs doesn’t need to watch them. Blood out of a turnip thing.

Every article I’ve read focuses on how anyone that’s not a w2 employee is on the “honor system” and that is just not good enough! Guilty until proven innocent.

 

[Cameramonkey]

Who doesn’t have $600 bucks in their account? And they want every transaction reported after that?
I mean, that actually could be good news because they’ll be so inundated with data they won’t be able to do anything with it. Just my opinion. We’ll see.

They'll just allocate more budget dollars to data storage and compute. If the likes of Microsoft and Amazon arent helping push this along (as the two powerhouses of big data, most likely to benefit from THAT much data being created) I'll be VERY surprised.

They have already added dollars and bodies to chase us all down faster... whats a few billion more for IT stuff? Unlike your employer, they can just print more money to get what they want.

And yes, LOTS of data. Even if there is too much to process in real time, they'll catch up and nail you after the fact. Just like they can with an audit. Data is forever.

Just look at Facebook. I'm the multimedia guy at my church, and we livestream our services. We started livestreaming in October of 2017 and stopped in March of 2020 when we had to lock down and switched to YouTube because there were too many members against FB because you couldnt see FB video without a FB account. So we had too members who couldnt watch. (or wouldnt because FB is THE DEBIL! ) So we switched to YT where anyone with internet could watch. (YT account or not) ALL of our videos are subject to fair use (music is in the background and incidental to the broadcast, so fair use applies).

Almost Every week or 2 I get notices from facebook. "your video from [insert stupid old date here] contains copyright material. it has been partially muted. Please respond if you wish.". Yet we havent livestreamed there for well over a year. But they continue to have their AI process our archived content and flag what it thinks is copyright infringement. The IRS will just do the same. Audit the data as fast as it can, and hit you as soon as it figures out it needs to. Even if the resulting tax bill is 5 years old. Just like the US Marshalls, They always their man... er, I mean money.. "

But instead of a supposed copyright strike you have to deal with, it will be a request for info because they think you owe them money.

 

[gmcttr]

Seems like more of a political contribution enhancement thing. Banks will make major campaign contributions to fight this assuming it will cost them $$$ to provide all of this info.

If they do provide it, we will pay for it through receiving lower interest/higher fees/lower levels of service.

 

[fullmetaljesus]

They'll just allocate more budget dollars to data storage and compute. If the likes of Microsoft and Amazon arent helping push this along (as the two powerhouses of big data, most likely to benefit from THAT much data being created) I'll be VERY surprised.

They have already added dollars and bodies to chase us all down faster... whats a few billion more for IT stuff? Unlike your employer, they can just print more money to get what they want.

And yes, LOTS of data. Even if there is too much to process in real time, they'll catch up and nail you after the fact. Just like they can with an audit. Data is forever.

Just look at Facebook. I'm the multimedia guy at my church, and we livestream our services. We started livestreaming in October of 2017 and stopped in March of 2020 when we had to lock down and switched to YouTube because there were too many members against FB because you couldnt see FB video without a FB account. So we had too members who couldnt watch. (or wouldnt because FB is THE DEBIL! ) So we switched to YT where anyone with internet could watch. (YT account or not) ALL of our videos are subject to fair use (music is in the background and incidental to the broadcast, so fair use applies).

Almost Every week or 2 I get notices from facebook. "your video from [insert stupid old date here] contains copyright material. it has been partially muted. Please respond if you wish.". Yet we havent livestreamed there for well over a year. But they continue to have their AI process our archived content and flag what it thinks is copyright infringement. The IRS will just do the same. Audit the data as fast as it can, and hit you as soon as it figures out it needs to. Even if the resulting tax bill is 5 years old. Just like the US Marshalls, They always their man... er, I mean money.. "

But instead of a supposed copyright strike you have to deal with, it will be a request for info because they think you owe them money.

You hit it with AI.
The systems being put in place are amazing at processing data. This stuff could find a needle in a haystack in a field of hay stacks that spans a few planets in the amount of time that could make your head spin. So the IRS with unlimited cash could implement a system that could watch every transaction with out breaking a sweat.

 

[Rizzo]

You only measure what you want to control.

 

[ditcherman]

They'll just allocate more budget dollars to data storage and compute. If the likes of Microsoft and Amazon arent helping push this along (as the two powerhouses of big data, most likely to benefit from THAT much data being created) I'll be VERY surprised.

They have already added dollars and bodies to chase us all down faster... whats a few billion more for IT stuff? Unlike your employer, they can just print more money to get what they want.

And yes, LOTS of data. Even if there is too much to process in real time, they'll catch up and nail you after the fact. Just like they can with an audit. Data is forever.

Just look at Facebook. I'm the multimedia guy at my church, and we livestream our services. We started livestreaming in October of 2017 and stopped in March of 2020 when we had to lock down and switched to YouTube because there were too many members against FB because you couldnt see FB video without a FB account. So we had too members who couldnt watch. (or wouldnt because FB is THE DEBIL! ) So we switched to YT where anyone with internet could watch. (YT account or not) ALL of our videos are subject to fair use (music is in the background and incidental to the broadcast, so fair use applies).

Almost Every week or 2 I get notices from facebook. "your video from [insert stupid old date here] contains copyright material. it has been partially muted. Please respond if you wish.". Yet we havent livestreamed there for well over a year. But they continue to have their AI process our archived content and flag what it thinks is copyright infringement. The IRS will just do the same. Audit the data as fast as it can, and hit you as soon as it figures out it needs to. Even if the resulting tax bill is 5 years old. Just like the US Marshalls, They always their man... er, I mean money.. "

But instead of a supposed copyright strike you have to deal with, it will be a request for info because they think you owe them money.

To your point, we have filled out taxes for years knowing the stick is there (no carrot), you can say whatever you want, once, or until you get caught. This is kind of the same way, probably. They can ignore the data, they just have to make the person thinking about cheating second guess their plan because the ‘stick’ has more details, or even just the potential of more details. Maybe they don’t plan to do everything with all the data, it’s enough of a bluff to say they have it.

We livestream on YT and FB and have gotten away from those messages because as soon as church is over there is nothing up, until the tech guy (my son) edits the songs out, edits the sermon if needed, and then puts just that up. YT vid is still there, just unlisted. (And that’s handy for tech team to review for sound of broadcast (me)) Technical solution that the pastor likes as well because he doesn’t want people staying away because of the stream, if they don’t join in real time they just get the sermon.
But yea, data and memory is huge. We’ve gone down this hole…

 

[Cameramonkey]

We livestream on YT and FB and have gotten away from those messages because as soon as church is over there is nothing up, until the tech guy (my son) edits the songs out, edits the sermon if needed, and then puts just that up. YT vid is still there, just unlisted. (And that’s handy for tech team to review for sound of broadcast (me)) Technical solution that the pastor likes as well because he doesn’t want people staying away because of the stream, if they don’t join in real time they just get the sermon.
But yea, data and memory is huge. We’ve gone down this hole…

Its no big deal really. The only muting happens in other countries typically, and we arent looking for any monetization, so we leave the livestream up and let the copyright holder collect . We rarely have anything that causes trouble. Only one audio that I can recall a couple months back caused issue here in the states. The Dolly Parton collaboration with Zach Williams. That caused our entire video to be taken down even though it was just background audio for less than a minute during an hour long broadcast. Unreal. So I replaced that audio in the pool with a cover that I think is a better version anyway. LOL

(and Riaan is so close in sound nobody has noticed its not Zach. )
There Was Jesus Cover

 

[2in1evtime]

My wife just got a letter the other day from a local smaller bank about this, telling her it is a possibility in the near future that they will have to report transactions on her accounts to the IRS.

 

[indyjs]

How will I support my local sex workers and pharma reps ?

Sorry, I meant unlicensed massage therapists.

 

[indyjs]

Maybe they wan to digitally reset the value of the currency.

 

[NHT3]

Missing the elephant in the room. WHO actually came up with this idea? Joe can't remember where he put his sippy cup after 2PM so someone else is writing this stuff and sticking in front of him to sign. Find the origin of the idea and the reason will be obvious.

 

[BehindBlueI's]

It is definitely every transaction on every account over $600:

https://home.treasury.gov/system/files/131/General-Explanations-FY2022.pdf

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 1 Computed from individual income tax business income, small corporations, and self-employment tax components. 2 Current income reporting by financial institutions would be expanded to all entities, including certain corporations. Interest payments would be included in the loan account reporting. Transferee information would be reported for all real estate transactions on Form 1099-S. 89 General Explanations of the Administration’s Fiscal Year 2022 Revenue Proposals from one broker and then transfer the crypto assets to another broker, and businesses that receive crypto assets in transactions with a fair market value of more than $10,000 would have to report such transactions. The Secretary would be given broad authority to issue regulations necessary to implement this proposal. The proposal would be effective for tax years beginning after December 31, 2022

 

[Magyars]

 

[Flash-hider]

If memory is serving me correctly, it seems that the obama administration proposed doing something similar with 1099'ing every transaction to anyone or any business you paid $600+ to. They 86 it because of the push back. This is another attempt at doing the same thing but now putting the reporting burden on the banks.

 

[Drewski]

They'll just allocate more budget dollars to data storage and compute. If the likes of Microsoft and Amazon arent helping push this along (as the two powerhouses of big data, most likely to benefit from THAT much data being created) I'll be VERY surprised.

They have already added dollars and bodies to chase us all down faster... whats a few billion more for IT stuff? Unlike your employer, they can just print more money to get what they want.

And yes, LOTS of data. Even if there is too much to process in real time, they'll catch up and nail you after the fact. Just like they can with an audit. Data is forever.

Just look at Facebook. I'm the multimedia guy at my church, and we livestream our services. We started livestreaming in October of 2017 and stopped in March of 2020 when we had to lock down and switched to YouTube because there were too many members against FB because you couldnt see FB video without a FB account. So we had too members who couldnt watch. (or wouldnt because FB is THE DEBIL! ) So we switched to YT where anyone with internet could watch. (YT account or not) ALL of our videos are subject to fair use (music is in the background and incidental to the broadcast, so fair use applies).

Almost Every week or 2 I get notices from facebook. "your video from [insert stupid old date here] contains copyright material. it has been partially muted. Please respond if you wish.". Yet we havent livestreamed there for well over a year. But they continue to have their AI process our archived content and flag what it thinks is copyright infringement. The IRS will just do the same. Audit the data as fast as it can, and hit you as soon as it figures out it needs to. Even if the resulting tax bill is 5 years old. Just like the US Marshalls, They always their man... er, I mean money.. "

But instead of a supposed copyright strike you have to deal with, it will be a request for info because they think you owe them money.

Sorry, sidetrack here but I’m on the A/V team at our church. We’ve been using FB since lockdown (not my preference but ¯\_( ツ)_/¯ ) and you definitely do not need an account to watch the stream or see archived videos. I’ve watched many at home without an account. We’ve never had notices from Fb mgmt either, but then Catholic churches rarely play Dolly Parton songs.