 OT: house bill, IRS (by J [FL]) Oct 6, 2021 7:21 PM
 OT: house bill, IRS (by kt [IL]) Oct 6, 2021 7:37 PM
OT: house bill, IRS (by NE [PA]) Oct 6, 2021 7:37 PM
OT: house bill, IRS (by Ray-N-Pa [PA]) Oct 6, 2021 7:43 PM
OT: house bill, IRS (by J [FL]) Oct 6, 2021 7:43 PM
OT: house bill, IRS (by MAP [NY]) Oct 6, 2021 7:45 PM
OT: house bill, IRS (by J [FL]) Oct 6, 2021 7:48 PM
OT: house bill, IRS (by Deanna [TX]) Oct 6, 2021 9:35 PM
OT: house bill, IRS (by J [FL]) Oct 7, 2021 5:40 AM
OT: house bill, IRS (by Chris [CT]) Oct 7, 2021 3:13 PM
OT: house bill, IRS (by Deanna [TX]) Oct 7, 2021 5:40 PM
OT: house bill, IRS (by NE [PA]) Oct 7, 2021 5:45 PM
OT: house bill, IRS (by Deanna [TX]) Oct 7, 2021 5:59 PM
OT: house bill, IRS (by J [FL]) Posted on: Oct 6, 2021 7:21 PM
Message:
I don't see any other threads started here on this so...
I heard that this new bill may include a provision where banks have to report any transactions of more than $600 in a bank account. Yellen is pushing this.
I don't know all the details of this but it sounds like it could be a rehash of what was attempted (and then dropped) when O was in office -- trying to force business owners to 1099 anyone -- corp, llc etc. if they make a payment greater than $600.
--72.188.xxx.xxx |
OT: house bill, IRS (by kt [IL]) Posted on: Oct 6, 2021 7:37 PM
Message:
Government is broke/ they need money (printing presses only go so fast) they also want to double the size of the IRS/ u think u had a chance of an audit before/WELCOME TO OUR NEW WORLD!! --173.233.xxx.xxx |
OT: house bill, IRS (by NE [PA]) Posted on: Oct 6, 2021 7:37 PM
Message:
I heard something about this the other day. It was commentary somewhere talking about how to make it cumbersome for them to do.
They were talking about just moving $601 around from account to account to account. Haha. Continuously do it and make it a paperwork nightmare for them. Hey, where there’s a will, there’s a will. --24.152.xxx.xx |
OT: house bill, IRS (by Ray-N-Pa [PA]) Posted on: Oct 6, 2021 7:43 PM
Message:
ouch NE
wonder if they screw up how this get presented so we can enjoy 12 1099 by each resident annual. One for each monthly payment --24.101.xxx.xxx |
OT: house bill, IRS (by J [FL]) Posted on: Oct 6, 2021 7:43 PM
Message:
kt[IL]
I agree they are trying to squeeze every dime they believe they are owed, with this...however, IRS is overwhelmed already. I found out they still hadn't processed my paper return 8 months after I mailed it in in 2020, and no one was answering the phones when you called IRS. I don't see how they have the manpower to process this flood of new bank account information, and make use of it, unless it is all done by AI, and from what I've heard IRS computer systems are antiquated like most gov't IT systems.
--72.188.xxx.xxx |
OT: house bill, IRS (by MAP [NY]) Posted on: Oct 6, 2021 7:45 PM
Message:
Yes, use Saul Alinsky tactics and overwhelm the system by frivolously moving money around from account to account. --72.231.xxx.xx |
OT: house bill, IRS (by J [FL]) Posted on: Oct 6, 2021 7:48 PM
Message:
And if this goes through it will add a huge reporting burden on the banks and it will get passed on to all of us in the form of higher banking fees. --72.188.xxx.xxx |
OT: house bill, IRS (by Deanna [TX]) Posted on: Oct 6, 2021 9:35 PM
Message:
It's hard to tell if it's the same thing as the stuff discussed in the 1099K legislation thread last week.
The stuff on FB makes it look like it's about banks reporting alllll the transactions over $600.
The stuff on the tax blogs makes it look like it's about platforms in the gig economy (eBay, Etsy, Amazon, people getting paid through Paypal or Venmo or Zelle or whatever) reporting on everyone who does an annual business of over $600.
Either way, there's been so much throwing-money-around-like-water, I'm surprised the IRS is concerning itself with Doordashers or people garage-saling on eBay. They just got finished auto-depositing a child tax credit into my husband's PLLC biz account... >_< When I applied for Texas Rent Relief (which is a federal program), they pretty much paid me three times what I requested. etc, etc, etc. --137.118.xx.xxx |
OT: house bill, IRS (by J [FL]) Posted on: Oct 7, 2021 5:40 AM
Message:
It's very confusing Deanna. I was listening to a radio host talk about it and he didn't give a clear explanation of what it was, or seem to really know.
It seems to me it would be to find people who are working under the table, or maybe something to do with cryptocurrency transactions -- to rein it in? --72.188.xxx.xxx |
OT: house bill, IRS (by Chris [CT]) Posted on: Oct 7, 2021 3:13 PM
Message:
You already have to 1099 any contractor who makes over $600.
The fed's are trying to get rid of small banks. They are trying to make the reporting requirements burdensome so small banks merge into larger ones. --24.45.xxx.xxx |
OT: house bill, IRS (by Deanna [TX]) Posted on: Oct 7, 2021 5:40 PM
Message:
The way I heard it described was that the IRS already knows how much money you earn--- now it wants to use this to track the money you spend. I don't know if that's the case or not, but I do know there's about 16 different versions of the 1099 form, about half of which are commonly used, and the other half of which seem... very obscure and nichey. ;)
--137.118.xx.xxx |
OT: house bill, IRS (by NE [PA]) Posted on: Oct 7, 2021 5:45 PM
Message:
I’ll trade you 10 chickens for a sheep. Maybe a cord of firewood for some Buffalo hides? --24.152.xxx.xx |
OT: house bill, IRS (by Deanna [TX]) Posted on: Oct 7, 2021 5:59 PM
Message:
Ah--- but that would also make sense, Chris (CT). The Cost of Compliance. You see it already in traditional small-time agriculture vs Big Ag-- you have certain things regulated, which Tyson or Nestle or Borden will treat as a minor blip in the budget, but which is the difference between profit and loss for a small-time farmer.
Starting a bank (in theory) doesn't require nearly as much money as you might think. Some numbers floating around are $500k-$2M. Other numbers floating around are $10-$20M. But a reasonably well-connected person should be able to come up with that in one way or another. In a nearby town, there are two guys who started small, local banks in the 80's, and they still have a friendly rivalry as to whose bank is doing better at any given moment. Both banks have grown to about 15-20 branches since then, so they're doing very well. I prefer banking locally because they're not swamped with the arbitrary rules that Chase or BofA have come up with, and they suit my small-biz needs much better. But if they got swamped with compliance regulations that Chase and BofA can absorb without blinking, but small banks can't---- yeah, I can see how that would wipe so many of them out and leave only the big guys on the playing field. --137.118.xx.xxx |
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