Monitoring your Bank Transactions - what the $600 reporting rule really does
(thewriterinblack.com)
Comments (16)
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So essentially, the IRS is going to get what it's always desired, a permanent finger in the wallet of every person who actually earns a living. Fantastic, looking forward to the CRA pulling the same stunt down the road.
The IRS, for years, has known of any time a direct deposit of $1000 is made to y(our) bank account(s). It is checked to see if you paid your taxes on it. And since it's a paycheck, it's linked to your tax id number. The IRS, per-pay-check, already know what you are getting, even it's $442. You pay taxes on that shit son!
What this law does is lower that bracket to include more people in flagging transactions. You know the kind, Billionaires that only work with $600 increments to launder hundreds of millions(/s)
IF only there was some way to not have purchase details show up on a bank statement.
Good luck finding an employer that pays in cash
laughs in español
I was replying more so to the top half of your comment about checks being deposited greater than $1000
Like I said, all this does is make poorer people targeted as well. If it bothers you, which it bothers me, become an active activist and educate people in the public sphere about your concerns. Just make sure you don't embellish or use opinion.
I see what you did there :P
Yes, if we live in the same country, it applies to both of us, this is why I wrote it the way I did.
So what happens if one opens hundreds of bank accounts below $600?
I wish he had included the actual wording from the bill, but it looks like any financial transaction of any kind over $600 triggers the audit limit.
That’s called structuring.
So this is a mandatory reporting of ALL activity aANYTIME your balance goes over 600. Wow. #bejing biden is not just a meme anymore.
It's not $600 transactions. It's all transactions on any account with over $600 in it. That's a world of difference.