Comments on: Florida Bankers Outraged over New Biden IRS Proposal

By: Let’s Go Brandon

Let’s Go Brandon — Wed, 27 Oct 2021 13:27:15 +0000

No fan of Brandon’s, but if you were trying to find someone that people despise almost as much as the IRS, bankers would be at the top of that list. Not going to be much empathy for them but this is a privacy issue. At what point does the government just say screw it, we want access to every single detail of your bank account? It’s more than a slippery slope, it’s a mud slide. In today’s economy $600 is nothing.

By: Grumpy Old Woman

Grumpy Old Woman — Sat, 23 Oct 2021 18:20:51 +0000

I think that every politician and their entire family should be full audited and the results posted publicly, every year. They need to justify every single investment they or their family members make no matter how much it is. I have always wondered how Congress members who make about $125,000 a year become millionaires in a few short years after the get elected.

By: A Skeptic

A Skeptic — Tue, 19 Oct 2021 14:48:26 +0000

This is an absolutely ludicrous idea. The sheer volume of transactions isn’t an issue to the IRS, who will just analyze the traffic through user accounts to look for any that are out of sync with their W-2s and returns. But it is a burden on all of the banks that have to update their systems to flag every one of the transactions and later send them to the IRS.

I’ve got a hard time rooting for bankers these days. I believe every one of them is taking the path of least resistance and trying to force their employees to be vaccinated. But with regard to these proposed reporting changes, I must root for them. I have trouble seeing how the IRS will catch enough low level fraud to pay for the additional $80B they propose for the IRS, much less make any real change to federal monies available for real issues.

By: John

John — Tue, 19 Oct 2021 02:13:39 +0000

Might be considered a form of kiting, given the fact that DC is run by illiberals who flaunt the law.

By: Commonsense

Commonsense — Mon, 18 Oct 2021 20:21:21 +0000

Me and my wife are retired, pretty ordinary and typical old people. We each get monthly Social Security and pension deposits into our bank account that exceed $600 totaling 48 individual deposits per year. Plus, we pay-off our two separate checking account balances each month with bank transactions in excess of $600. That another 24 bank transactions that will have to be reported. Occasionally throughout the year, we’ll pay for something that requires another bank transaction in excess of $600. Maybe that’s another 4 or 5.

So, from just two old folks, that’s a total of 76 (48+24+4) transactions that will have to be reported to the IRS. Our bank never had to report any of these for the many years we’ve been banking with them. Now, they may have to start doing so.

Now, multiply our rather modest IRS reporting workload by millions of American households and you soon get literally billions of transactions to report. This additional burden on banks will require hiring more employees and perhaps upgrading data storage and digital processing systems.

Who will pay for all this? You guessed it, US the banking customers. The banks just pass-on their cost increases to their customers like all other businesses.

Thank-you Biden Administration for making our lives better.

By: Hope

Hope — Mon, 18 Oct 2021 16:04:05 +0000

@ David,

Hilarious!

Or any transaction over $600 break it up into smaller amounts with more transactions, but no transaction ever going over $599.99.

By: David T. Hawkins

David T. Hawkins — Mon, 18 Oct 2021 15:17:55 +0000

IF this actually happens, what everyone should do is (I do mean EVERYONE), Open a Checking Account at two different Banks. THEN, everyday, Withdraw $600 from one Account and then Deposit it in the other Account. The next day reverse it. Do this every Day. Can you imagine how overwhelmed the IRS would be within TWO Months?

By: Robert

Robert — Sun, 17 Oct 2021 22:20:44 +0000

Why are you publishing misinformation to get people up in arms? The proposal is that the banks give the deposit ANNUAL TOTAL and the withdrawal ANNUAL TOTAL at the end of the taxable year. The same as they do for interest earnings. This is how all of us already get the information to file our taxes.

This is a proposal to help alert of potential tax fraud. Not some plot to invade our privacy.

Good way to muddy the waters and confuse everybody.

By: John

John — Sun, 17 Oct 2021 18:17:13 +0000

Financial institutions, investment companies and even casinos already submit currency transaction reports for transactions $10,000 or more and the threshold can drop to $3,000 for “suspicious” transactions. In addition, financial institutions are required to submit Suspicious Activity Reports (SARS) to the Financial Crimes Enforcement Network (FINCEN) and financial institutions are so very afraid that they will be cited and fined by examining agencies for failing to submit a SAR that they over report and often submit ridiculous information.

The proposed $600 reporting requirement is so onerous and unnecessary that it would only be surpassed if illiberals wanted data on transactions of any amount!

By: TONY

TONY — Sun, 17 Oct 2021 13:54:37 +0000

@Dan……… The Money is already in the Bank, If all the Bank has to report is, any Money $600 and up moving in and out, how will the Government know it was Taxed before it was already deposited unless they know where it came from? Paycheck = already Taxed, Funds from a Garage Sale = Not Taxed BUT, they will NOW need to wait until that person files their Taxes to see if that Money was included as Income. In other words, there is NO WAY the Government will be able to know if you paid Taxes on every Dollar you have. THIS is there way to keep you Poor and to keep you in Fear.