This has always been the case under AML regulations. More transactions are reported than you think.Originally Posted by Shaps
Standard of living reviews are a huge risk factor that can draw an audit. If you're making 10k/yr, but purchase a $5m house with 0 reported income, that gets flagged. Assets versus income is evaluated.
>forage for snapdragon stalk
d100(Open): -251
You stumble about in a fruitless attempt at foraging.
1/6/2014: Setheve completes the promotion ritual and says, "Congratulations, Whirlin, for achieving Guild Master status! We trust you'll serve your guild well."
1/11/2014: Grandmaster Alchemist
1/14/2014: Capped, and got Loralaii killed by a GM.
7/11/2016: Founded the Hand of the Arkati
9/20/2016: T5 on my bow (Thanks to Isola)... Managed as far as T4 myself.
Senior Member
Not disagreeing with your above statement.. you'd have to look it up yourself to see how the banking one was written up.. but essentially it's a work around of the 4th Amendment so that the IRS could directly examine any persons bank activity without "probable cause"... because the "probable cause" is "any transaction over $600" that could be used to justify an audit...
That would never get abused...nope, not at all.
Found it... and if you think they won't try to sneak it in again.. LOL.. people need to wake the fuck up... seriously...
https://abcnews.go.com/Politics/bide...ry?id=80665505
"The Biden administration on Tuesday backed down on a controversial proposal to direct the IRS to collect additional data on every bank account that sees more than $600 in annual transactions"
They're now trying for...
"Instead, the administration and Senate Democrats are proposing to raise the threshold to accounts with more than $10,000 in annual transactions"
And it's not a single transaction... it would allow them to audit your bank accounts for anything you spend totaling over $10000 for the whole YEAR. Which is in effect everyone on mortgage/rent alone in a calendar year... hence, the result? IRS full access to everyone's bank account.
Nope.. they're not trying to control every aspect of an individuals life at all...
Last edited by Shaps; 01-06-2022 at 12:58 AM.
Senior Member
That's what you get for voting for biden
God of Tits and Wine
Switch to bitcoin or other cryptocurrencies. Problem solved.
FinCEN's responsibilities was expanded in Dec 2020 under Trump has having responsibilities to enforce AML over Cryptocurrencies. We just haven't seen what FinCEN's new policies on crypto are going to be.
I think that there's an assumption about the privacy of banking information that's inherently erroneous. Transactions over 10k have always been reportable, gift transactions to particular individuals have been reportable on an annual basis for estate planning purposes. And Ever since the IRS reform of the 90s, lifestyle audits have gathered information about credit and bank information on individuals. The regulations for Know Your Customer and other protections help draw individual responsibilities over accounts that enabled them to be more tracible and aggregable. Having a bank account is more like having a cell phone than having a lockbox in your car. There's a reason that our generation was brought up on the idea of Swiss Bank Accounts being the only way to truly hide your money. Because things have been reported for our entire lifetimes.
Don't get me wrong, I don't think changes in the values from existing AML/Sanction regulations is necessary, I'm just pointing out that it's not as much of an expansion as your fearmongering it to be. A lot of Cash app / Paypal-esque services have skirted and subverted reporting requirements on transactions by not being FDIC insured, and not truly existing within the FinTech world.
>forage for snapdragon stalk
d100(Open): -251
You stumble about in a fruitless attempt at foraging.
1/6/2014: Setheve completes the promotion ritual and says, "Congratulations, Whirlin, for achieving Guild Master status! We trust you'll serve your guild well."
1/11/2014: Grandmaster Alchemist
1/14/2014: Capped, and got Loralaii killed by a GM.
7/11/2016: Founded the Hand of the Arkati
9/20/2016: T5 on my bow (Thanks to Isola)... Managed as far as T4 myself.
Senior Member
I'm not fear mongering... I'm stating what they're trying to do, and the potential (probable) abuse of such unrestricted free access.
Senior Member
I think it's probable that they will either find a way to tax crypto or they will make it illegal.
The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane. ~ Marcus Aurelius“It's a beautiful thing, the destruction of words.”
― George Orwell, 1984
“The urge to shout filthy words at the top of his voice was as strong as ever.”
― George Orwell, 1984
Barba Roja
People will adapt and do it a different way.
Better than the original plan, where'd they'd be informed over every deposit 600 or more into any bank account.
Ceterum censeo Carthaginem esse delendam
Senior Member
The IRS has had the ability to audit taxpayers or non-filers for decades, this is absolutely nothing new. Nor is their ability to audit a violation of due process or the Fourth Amendment. The fact that non-bank institutions now handle more daily cash transactions for individuals than any single institution created the necessity for these platforms to have the same 1099 requirements of any institution. $600 dollars instead of $10,000 dollars, big deal. People are going to have to realize their tax evasion isn't a Constitutional right.
Posting Permissions
Reply With Quote
