Proposed Law monitoring all transactions $600 or more.

[risn2theoccasion2]

Just curious how many people are aware of this. There’s is a proposal being considered that would require financial institutions, and cash transaction apps like Venmo, PayPal, etc. to report to the IRS any transactions of $600 or more. This would be incoming and outgoing transactions. The purpose is mainly to find unreported income, as well as illegal activities. Considering the power of the banking lobby I will be surprised if it gets passed, but if it does, it could be a game changer. Those who do not file, or under report income, could appear on the radar.

https://townsquaredelaware.com/propo...f-600-or-more/

[Passion2015]

I saw that yesterday and it’s called control and is totally ridiculous. I thought they were going to concentrate on the wealthy. This would include the majority of Americans now.

That’s how politicians work and get into office. Politicians and the media know how naive Americans are and how they will believe everything they say.

Good job to the voters who voted this administration into office.

[SoSideGuy]

With close to $1T in known, unpaid taxes among the billionaire class, why in hell would any government do this? Collect the taxes being dodged by the big real estate hustlers and the government finances will be just fine. This is madness.

[Shmafty]

I don't want to be that guy that always says that Bitcoin is the answer to everything, buuut... Bitcoin would almost certainly get around this.

[Excess0_3]

wow thats bullshit fucking government


man wtf

[Champagne Brown]

From what I heard last it got bumped up to 10, 000..

They tried it tho!

[dodger]

it would seem they don't have the manpower to do much of anything

[Seldom_Seen_Smith]

I saw that yesterday and it’s called control and is totally ridiculous. I thought they were going to concentrate on the wealthy. This would include the majority of Americans now.

That’s how politicians work and get into office. Politicians and the media know how naive Americans are and how they will believe everything they say.

Good job to the voters who voted this administration into office.

Americans aren't naive, they're F-ING STUPID!
Fixed it for you.

Seldom Seen Smith

[Maya15]

I "work cleaning houses" so that for everything there are ways to represent the money obtained, you have to learn to play the game �� I say clean houses and they pay me cash or transfer

[F117]

From what I heard last it got bumped up to 10, 000..

It's been $10,000.00 since the "Patriot" Act got passed with only 4 members of Congress actually reading it post 9/11.

[risn2theoccasion2]

Yes, it has been $10,000, but the proposed change is $600. The transaction apps like CashApp and Venmo will be required to issue a 1099 for transactions of $600 or more, and banks will be required to report transactions of $600 or more.

https://www.newstribune.com/news/opi...rement/891115/

It’s in the proposed Build Back Better bill. It’s not law, yet. Those who have mainly cash based businesses are the ones who should be most concerned, especially if you evade or don’t file.

[robper13]

Well, this “administration” already changed one law earlier this year…regarding gig workers. Starting in 2022, if you make $600 or more, your income will be reported to the IRS and you will receive a 1099-K. Before, the threshold was 200 or more transactions AND $20,000 or more in payments received and then you’d receive a 1099-K from the IRS. Now it’s only $600 or more regardless of number of transactions. Of course, you should be paying taxes on income of $400 or more in net earnings.

This administration sure hates American citizens.

[Precious_b]

Guess we all can't be in the Pandora Papers class.

[DocHoliday]

I deal in cash so No matter what happens, it won’t bother me. Cash is King!

[ProSlacker]

This administration sure hates American citizens.

That is ridiculous.

Unless you have a huge amount of unreported income and are running it through fthe financial system, you have nothing to worry about.

What they are looking for is people who have an AGI that doesn't make sense for their inflow/outflow, eg. an AGI of $100k and their total inflow/outflow is $5 million (just numbers as an example). It's possible that could be legitimate - if you were buying and selling a large volume of goods with a low % profit and making moeny on the volume.