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What is this $600 transaction stuff?

FleshEater

FleshEater

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I’m sure this topic is buried in a thread. Might even be a thread already. No idea what to search for. :flipoff2:

What is this I keep hearing about a tax plan for transactions over $600 and a 1099-K at the end of the year to pay taxes on them?

Does this include all transactions or just business charging people? :homer:
 
FleshEater said:
I’m sure this topic is buried in a thread. Might even be a thread already. No idea what to search for. :flipoff2:

What is this I keep hearing about a tax plan for transactions over $600 and a 1099-K at the end of the year to pay taxes on them?

Does this include all transactions or just business charging people? :homer:
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passed as part of the ACA... yeas ago.
 
I'm not if it's what you're talking about but the Biden administration is wanting all transactions of $600 or more reported to the irs. Deposit...withdrawal etc.

Supposedly the banks are calling bullshit as that could be a whole new department just to keep with it.
 
FleshEater said:
Oh, okay.

Although, I’ve never received anything from PayPal and such...they changed the rules this year.
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hmmm... that's interesting. This must be something different? $600 was the "if you do more than $600 with someone, you must 1099" in teh ACA. Now they are wanting to monitor all transactions in bank accounts that have a balance of over $600.

But I can't speak to the PayPal thing.
 
Thumping said:
I'm not if it's what you're talking about but the Biden administration is wanting all transactions of $600 or more reported to the irs. Deposit...withdrawal etc.

Supposedly the banks are calling bullshit as that could be a whole new department just to keep with it.
Click to expand...

all deposits/withdrawals in accounts with balances >$600... At least that's what Irate decided in the "other" thread. :flipoff2:
 
Just more weapons grade retardation by the government. I guess they're trying to prove just how how fucking stupid they are
 
They can’t tax cash withdrawals, right?

Still wondering why we’re not watering that tree of liberty yet...
 
More control; that's how I interpret it.

The feds are now basically forcing the banks to tell on you.


What percentage of the population makes bank transactions of $600 or more?

My guess is 70+% of bank users.


I smell an increase of IRS audits by 1,000%.....:mad3:
 
PAE said:
That's a federal thing for federal citizens, does not apply to non federal citizens.

Change my mind!
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5cw5jtcpf4161.jpg
 
In a nutshell, they are trying to go after cash income, more properly any earnings not factored into your taxable income. By having at all of your deposits and withdrawals, software can look for patterns automatically. Hit the algorithm and you will get pulled for one of their army of new IRS agents to have a friendly audit with you. "How is is you were able to spend or withdraw $X when your reported taxable income is $Y?".

They are targeting every account with over $600 in it. Which is basically the bank account of every one, individual and (as far as I know) corporation alike. Not every transaction greater than or equal to $600.

Basically, today's software has given the IRS the ability to do a cash-flow audit -- the worst of all audits, previously reserved for the 'worst' situation because they used to be labor-intense to perform -- on everyone and everything. All they need is the data to run their programs against. These new rules will provide them with the data.

AFAIK, this will include transactions retroactively. They are greedily going after every dime. Someone's gotta pay for all these new social programs.
 
plym49.2 said:
In a nutshell, they are trying to go after cash income, more properly any earnings not factored into your taxable income. By having at all of your deposits and withdrawals, software can look for patterns automatically. Hit the algorithm and you will get pulled for one of their army of new IRS agents to have a friendly audit with you. "How is is you were able to spend or withdraw $X when your reported taxable income is $Y?".

They are targeting every account with over $600 in it. Which is basically the bank account of every one, individual and (as far as I know) corporation alike. Not every transaction greater than or equal to $600.

Basically, today's software has given the IRS the ability to do a cash-flow audit -- the worst of all audits, previously reserved for the 'worst' situation because they used to be labor-intense to perform -- on everyone and everything. All they need is the data to run their programs against. These new rules will provide them with the data.

AFAIK, this will include transactions retroactively. They are greedily going after every dime. Someone's gotta pay for all these new social programs.
Click to expand...
But if you pull out cash and live off it, they can’t track anything. Only problem is that employers have mostly gone to mandatory direct deposit.
 
CDA 455 II said:
More control; that's how I interpret it.

The feds are now basically forcing the banks to tell on you.


What percentage of the population makes bank transactions of $600 or more?

My guess is 70+% of bank users.


I smell an increase of IRS audits by 1,000%.....:mad3:
Click to expand...
Not gonna happen. My cpa says the irs is so understaffed that they only audit big money companies. Joe dirt ain’t worth their time because they’re after big fish.
Well shit! He didn’t think about computers going after people. Shit I’m screwed! Bubbas gonna get a new cell mate!😳
 
plym49.2 said:
In a nutshell, they are trying to go after cash income, more properly any earnings not factored into your taxable income. By having at all of your deposits and withdrawals, software can look for patterns automatically. Hit the algorithm and you will get pulled for one of their army of new IRS agents to have a friendly audit with you. "How is is you were able to spend or withdraw $X when your reported taxable income is $Y?".

They are targeting every account with over $600 in it. Which is basically the bank account of every one, individual and (as far as I know) corporation alike. Not every transaction greater than or equal to $600.

Basically, today's software has given the IRS the ability to do a cash-flow audit -- the worst of all audits, previously reserved for the 'worst' situation because they used to be labor-intense to perform -- on everyone and everything. All they need is the data to run their programs against. These new rules will provide them with the data.

AFAIK, this will include transactions retroactively. They are greedily going after every dime. Someone's gotta pay for all these new social programs.
Click to expand...
We need this:
dislike.jpg
 
FleshEater said:
But if you pull out cash and live off it, they can’t track anything. Only problem is that employers have mostly gone to mandatory direct deposit.
Click to expand...
Well, they will still get you as your employer will have its payments to you and so on. W2 previously, maybe now even worse.

7-11s are going to see a lot of business if everyone starts using money orders to pay bills.
 
The 16th amdt was never ratified, no matter what IdahoCJ says.

When a law or other amdt is found to be fradulent it's the duty of government agents to bring the fraud to the attention the court, public, and other higher ups in government.

"The Law That Never Was (Beckman)"



subybaja said:
100% agree. That's a perfect analogy.

And just like prison, lack of consent doesn't matter.
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I'm 80% sure that you are completely historically correct.

And it's irrelevant.

We can't even get a legit Presidential election, the highest-profile office there is. You think we're going to get honesty about an obscure detail that will kneecap the officials we want to look at it? :lmao:
 
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