Monitoring your Bank Transactions - what the $600 reporting rule really does - Kotaku In Action 2

Monitoring your Bank Transactions - what the $600 reporting rule really does (thewriterinblack.com)

posted 3 years ago by xleb2 3 years ago by xleb2 +78 / -0

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– wtfppl 12 points 3 years ago +12 / -0

a permanent finger in the wallet of every person who actually earns a living.

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)

So, let’s say you get paid biweekly. When you get paid, you deposit your paycheck in your bank account (either by Direct Deposit or going old-school with a paper check). Well, guess what? If you make a rather modest amount more than minimum wage then that deposit, even if the balance is zero on the day you make it, will put you over that $600 mark. That means the IRS would now have access to every transaction you make.

Every transaction. Every purchase you make using a debit card. Every check you write (or have the bank make if you use online banking). Every electronic funds transfer. All of it.

IF only there was some way to not have purchase details show up on a bank statement.