patrick.net

noobster says

The timing of trying to pass the $600 reporting requirements along side the 100 employee mandate is no coincidence.

Anybody else put the two together? They are trying to preempt paying people under the table

True, but it won't happen. I'd guess 1/3 of Democrats would be against it. Many of their voters get paid by cash because they're scumbags that are the reason the productive have to pay higher taxes than we should. Rules for thee and not me should be the Democrats slogan.

Of course the $600 limit would be much less when the banks bring the concept of 'structuring' into play.

WookieMan says

True, but it won't happen. I'd guess 1/3 of Democrats would be against it. Many of their voters get paid by cash because they're scumbags that are the reason the productive have to pay higher taxes than we should. Rules for thee and not me should be the Democrats slogan.

Illegal aliens have bank accounts???

PerfectlyFlawed says

Of course the $600 limit would be much less when the banks bring the concept of 'structuring' into play.

I'm not sure what you mean by structuring. But it would be a multiple of 10x's plus for tracking it on the banks end. Software could be used to track it, but it's not as simple as that to report it to the federal government. In theory, fine, I'd like to get more people paying taxes that are trying to avoid them. This hurts the poor the most though.

$600 is like $100 now. The people I know using cash generally pull it out monthly. $2-4k. They're now going to be scrutinized. I'm a CC guy for protection if a service fucks me over, so it doesn't move the needle for me. Anyone can do what they want though, no criticism coming from me. Wife or I will usually have $200-$1k on us if in a place we aren't certain CC would be taken. Which is almost never.

Think about it this way as well. Is this just deposits or withdrawals? I haven't read the details. We've charged over $10k in a month on a CC, and then paid off before interest hit. Does that get reported under current regulations? $600 is a joke. That would be $219k/yr if you did that on a daily basis. That's a lot for many, but even the guy/gal making $50/yr will withdraw or deposit $600+ of cash a couple times a year. Few deposit cash or withdraw $10,000 or more under current rules. Classic government overreach. Which is why I don't think anything will happen.

Debate rages over Biden's proposed $600 IRS reporting requirement for bank accounts

Congress is out of town but the debate over Democrats' massive reconciliation spending bill continues, including over one provision that would require banks to report the inflows and outflows of any account with more than $600 in activity per year to the IRS.

https://www.msn.com/en-us/money/taxes/debate-rages-over-bidens-proposed-600-irs-reporting-requirement-for-bank-accounts/ar-AAPodyO

I think it's not reporting just transactions over $600, it's reporting all transactions of any account with more than $600 in activity per year.

Patrick says

I think it's not reporting just transactions over $600, it's reporting all transactions of any account with more than $600 in activity per year.

So every functional adult with a bank account basically? Gonna move $40k this month in and out. I pay $40k/yr in federal taxes and legally pay all taxes due. Get fucked at this point. It's almost like they want a revolution.

WookieMan says

It's almost like they want a revolution.

That's not obvious yet?