Bank account curiosity question
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torch
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Wait, what??? You suggest that the IRS intends to penalize adherents of a particular political stripe by filtering lists of eBay sellers through lists of political donations and I am the conspiracy theorist????
No, my only theory is that you have been reading a bit too much Cory Doctorow.
You forget that you tried to justify this overreach because you think Ebay users are the tax cheats. Seriously, get a different source of misinformation.
torch
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No, according to the link provided earlier in this thread, the IRS thinks some eBay (and other online) sellers are tax cheats. I am trying to elicit from you any supporting evidence whatsoever that this somehow translates to a politically motivated persecution of one ideology by another. Where is the evidence -- however tenuous -- that only persons of one particular political stripe will be investigated?
ehenry
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My wife has been an officer in a banking institution for over 30 years. She has always told me any withdrawal, deposit or cashing of a check more than $10,000.01 will get flagged and reported to IRS. Now, whether it actually draws the attention of the IRS is anyones guess.
Bmyers
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I'm wondering insread of the $10,000 limit if the OP was talking more about the proposed $600 limit on accounts.
IRS proposal to monitor bank accounts with $600 sparks backlash | KATV
What's inside the Treasury's proposal to track nearly all bank accounts - CBS News
Which the OP would publish a link to what he is talking about instead of making everyone guess.
IRS proposal to monitor bank accounts with $600 sparks backlash | KATV
What's inside the Treasury's proposal to track nearly all bank accounts - CBS News
Which the OP would publish a link to what he is talking about instead of making everyone guess.
This is true and something I should have done. If I come upon that article, or a similar article, I will post a link.
Seems like anything I post in the off topic forum becomes a political potato for some reason. A simple question/observation related to an IRS procedure change wasn’t meant to be, but that is life in the Off Topic Lane at OTT these days I guess.
Again, I apologize for not posting a link to what I was referring to. Not sure why I did not do that. Normally I would at minimum copy and post the headline. My bad.
I believe the links Bmyers posted are what I was referring to.
What caught my attention in the article I read was it stated that the IRS was making the change in order to root out the large tax cheats. And I think I was wondering what I was missing since the logic didn’t add up in my mind. Small accounts and large tax cheats did not seem to be related.
Your thread is about the federal government looking into personal bank accounts…
Just saying
Henro, I think it’s easy to say nothing is political when you are allowed to say anything you want, and the other side isn’t allowed to say anything. But, the reality is exactly the opposite. As long as social media is heavily censored and the majority of media supports one side, it’s going to be that way.
Again, I guess it’s possible you believe that’s the point, but I’m just saying your side thinks everyone is that dumb. The rest of us know there is another motive.
My take from reading the articles published about recent IRS changes is they are going after those who are selling online either as a side business or full business model and not reporting their income.
If I choose to sell on line a $1000 lens that I no longer use, I don't have to worry about paying any additional tax. If I go to tag sales and buy lenses to sell on line then yes the IRS wants me to pay taxes on any profit I make (I can deduct my expenses).
I don't think the laws have really changed. Reporting might and that can only affect people who are trying to hide income. I don't see anything wrong with that.
If I choose to sell on line a $1000 lens that I no longer use, I don't have to worry about paying any additional tax. If I go to tag sales and buy lenses to sell on line then yes the IRS wants me to pay taxes on any profit I make (I can deduct my expenses).
I don't think the laws have really changed. Reporting might and that can only affect people who are trying to hide income. I don't see anything wrong with that.
What do you call Jimmy that goes on Ebay to sell his inherited baseball card collection. Small business? Big business?
OK.Your thread is about the federal government looking into personal bank accounts…
Just saying
OK is all I can say, realizing anything said in response will just drive this thread further in the undesirable direction (from the OTT moderator's perspective...)
having been through this, I'll offer my understandings. Keeping in mind that the IRS code is so complex that even they don't understand it all.
Any transaction that involves more than $10,000 is required by law to have form 8300 filled out. This includes "cash" transactions only. "Cash" includes obviously currency but also a check is considered cash in the eyes of the irs. Credit is not considered cash.
By conventional wisdom, one would think that hey lets just deposit $9999 and avoid 8300. There's truth to that--but that's also called "Structuring"--which is a federal felony.
I've been through the structuring deal, or more specifically the place I worked for was. You DON'T want to tease a rattlesnake, you might get away with it once but they'll probably show up at some point and when they do, they'll make your live a living hell much the same as they did mine. 4 1/2 hours of being held against our will by people with automatic weapons, with the first 3 hours or so of that, the agents did not identify themselves. They don't have to. They have immunity from the law. They'll send about a dozen agents for one persons' offense. One agent per door (guarding so that nobody can leave), one agent per bathroom (so when you go take a leak or dump, they'll stand there and watch you), agents that will disable your phone lines, internet lines, remove you from your personal communications device(s), they'll disconnect the tv's, lock all the doors with you inside held at gunpoint, they'll disable your cars, guard every entrance, take your pocket knives, any protection devices (security cameras, your guns, etc)--and they KNOW where you have them, because they've been scoping your place out for months/years. You're thinking "they can't do that"...oh yes they can, and quoting an agent "we are the irs we can do whatever we want".
Link to a documentary that was done. It is not dramatized, it is exactly how it went down at the place I worked at--and there are 11 others at that workplace that can attest to it.
The IRS has too much power and they exploit it. This needs to be changed. IT is not just businesses although they tend to favor going after them, because they can (and do--again based on my experience), seize hundreds of thousands of dollars. They seized our (business's) bank accounts and the business didn't even know. They can do that. They'll also go after individuals, and they have.
It's a nightmare. My friend is for the rest of her life labeled a felon because of the IRS, and wrongly so, but they had a choice either plead guilty to the count and take a plea bargain for probation, or fight it and have a 50/50 shot at winning, but if she lost, she'd lose about $2.3M and have to spend time in federal prison. She took the probation on a plea bargain.
....And....she was SET UP FOR IT. No need to know how it happened, just know she was set up. I was watching it go down with my own eyes. Nobody knew that structuring was a thing. Now we do.
As a patriot, IF I were a veteran, and fought for the country knowing that the country would turn on the people that support it, I'd have second thoughts about living here. It is honestly a communist idea to use military tactics to go after someone in the way that they did.
So more information. There were as I remember, 16 agents at the raid. They were from all over the country. They are flown to a central location where they set up the raid(s), then they drive their cars to the raid location, armed with weapons that aren't cheap. I'm in the south central USA, one of the agents was from Oregon, one from Washingston state, California, Utah, New York, Pennsylvania, one from Vermont, one from Ohio, you get the idea. Imagine what the travel costs are. Yet you and I (the taxpayers) foot the bill for it. Rubs me wrong that our government can and does this stuff to the citizens of the usa. It should open the eyes of every American. Unfortunately, some are going to think "this guy's full of crap"--and I can't change that, all I can do is offer my experiences and hope you all understand what they can do; or is it "what they can't do" (which is not much).
Keep this in mind when you think about President Biden's proposal to make you fill out "forms" if you transact more than $600. It can't be fully policed, but I would be willing to bet that they'll darn sure try, all in the name of "more money" for the government. But hey, that's what the people voted for
Any transaction that involves more than $10,000 is required by law to have form 8300 filled out. This includes "cash" transactions only. "Cash" includes obviously currency but also a check is considered cash in the eyes of the irs. Credit is not considered cash.
By conventional wisdom, one would think that hey lets just deposit $9999 and avoid 8300. There's truth to that--but that's also called "Structuring"--which is a federal felony.
I've been through the structuring deal, or more specifically the place I worked for was. You DON'T want to tease a rattlesnake, you might get away with it once but they'll probably show up at some point and when they do, they'll make your live a living hell much the same as they did mine. 4 1/2 hours of being held against our will by people with automatic weapons, with the first 3 hours or so of that, the agents did not identify themselves. They don't have to. They have immunity from the law. They'll send about a dozen agents for one persons' offense. One agent per door (guarding so that nobody can leave), one agent per bathroom (so when you go take a leak or dump, they'll stand there and watch you), agents that will disable your phone lines, internet lines, remove you from your personal communications device(s), they'll disconnect the tv's, lock all the doors with you inside held at gunpoint, they'll disable your cars, guard every entrance, take your pocket knives, any protection devices (security cameras, your guns, etc)--and they KNOW where you have them, because they've been scoping your place out for months/years. You're thinking "they can't do that"...oh yes they can, and quoting an agent "we are the irs we can do whatever we want".
Link to a documentary that was done. It is not dramatized, it is exactly how it went down at the place I worked at--and there are 11 others at that workplace that can attest to it.
The IRS has too much power and they exploit it. This needs to be changed. IT is not just businesses although they tend to favor going after them, because they can (and do--again based on my experience), seize hundreds of thousands of dollars. They seized our (business's) bank accounts and the business didn't even know. They can do that. They'll also go after individuals, and they have.
It's a nightmare. My friend is for the rest of her life labeled a felon because of the IRS, and wrongly so, but they had a choice either plead guilty to the count and take a plea bargain for probation, or fight it and have a 50/50 shot at winning, but if she lost, she'd lose about $2.3M and have to spend time in federal prison. She took the probation on a plea bargain.
....And....she was SET UP FOR IT. No need to know how it happened, just know she was set up. I was watching it go down with my own eyes. Nobody knew that structuring was a thing. Now we do.
As a patriot, IF I were a veteran, and fought for the country knowing that the country would turn on the people that support it, I'd have second thoughts about living here. It is honestly a communist idea to use military tactics to go after someone in the way that they did.
So more information. There were as I remember, 16 agents at the raid. They were from all over the country. They are flown to a central location where they set up the raid(s), then they drive their cars to the raid location, armed with weapons that aren't cheap. I'm in the south central USA, one of the agents was from Oregon, one from Washingston state, California, Utah, New York, Pennsylvania, one from Vermont, one from Ohio, you get the idea. Imagine what the travel costs are. Yet you and I (the taxpayers) foot the bill for it. Rubs me wrong that our government can and does this stuff to the citizens of the usa. It should open the eyes of every American. Unfortunately, some are going to think "this guy's full of crap"--and I can't change that, all I can do is offer my experiences and hope you all understand what they can do; or is it "what they can't do" (which is not much).
Keep this in mind when you think about President Biden's proposal to make you fill out "forms" if you transact more than $600. It can't be fully policed, but I would be willing to bet that they'll darn sure try, all in the name of "more money" for the government. But hey, that's what the people voted for
Old girlfriend was the branch manager at the major bank locally. All she had to do was make one phone call and the IRS can be tipped off. After that, who knows if they actually act or not. I don't know nobody at the IRS CID.
So my question on the $600 proposed threshold is this. Does anyone else think that bringing more cash back into circulation could happen, to avoid having to even use the bank? I can see it happening but maybe it's just me.
Another problem with the IRS is that they have used selective enforcement/harassment in the past on political enemies of the regime in office at the time. I think this summary is accurate.
en.m.wikipedia.org
More recently under Obama, the Billy Graham Association, Billy Graham, Samaritan's Purse, and Franklin Graham were audited. The crime? Billy didn't have much good to say about Obama. Lois Learner led agency denied 501c3 status for Tea Party Associations while approving same status for left leaning organizations.
Just a thought...Under Hitler, many detailed laws were passed. If "the Party" wanted to go after someone, there was most likely one of those laws violated.
List of allegations of misuse of the Internal Revenue Service - Wikipedia
en.m.wikipedia.org
Just a thought...Under Hitler, many detailed laws were passed. If "the Party" wanted to go after someone, there was most likely one of those laws violated.
I just dealt with this within the past week, cash transactions =/> $10K must be reported.
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