Anyone heard of Bidens proposal for community banks?

[Lex Concord]

They will need to report many, many people and businesses every day. It’s a lot of data, and a lot of work for the banks.

Not really... in most cases it's probably just a SQL query, a batch job to run her by, and a location to send the extract to.

1 decent dev, a week or two worth of work and it's in production. Okay, 4 devs 3 months to check all the gov compliance boxes

Obviously, with today's tech, this could all be real time, but having dealt with the IRS and their "technical capabilities" a few times in the last few years, I'm not assuming they can even spell "API" in that shop.

 

[Kneedeep87]

I haven't seen anything about this and would assume it is false. Simply for the reasoning that almost every house payment, rent, couch, tv, paycheck, etc would fall under this. That's just too much to keep up with and it would gain them minimum. Bad cost-benefit analysis. Just my opinion.

 

[jsx1043]

It’s a legit proposal:

https://home.treasury.gov/system/files/136/The-American-Families-Plan-Tax-Compliance-Agenda.pdf

IRS, Janet Yellen Press Lawmakers to Push 'Tax Compliance Agenda' — Banks to Report Deposits, Withdrawals of $600 – Taxes Bitcoin News

Regardless of tax liability, banks across the country will have to report accounts with at least $600 worth of transactions or more.

news.bitcoin.com

 

[Mikey1911]

It’s a legit proposal:

https://home.treasury.gov/system/files/136/The-American-Families-Plan-Tax-Compliance-Agenda.pdf

IRS, Janet Yellen Press Lawmakers to Push 'Tax Compliance Agenda' — Banks to Report Deposits, Withdrawals of $600 – Taxes Bitcoin News

Regardless of tax liability, banks across the country will have to report accounts with at least $600 worth of transactions or more.

news.bitcoin.com

An “actual” proposal, but I question its “legitimacy”.

‘You have no right to monitor my bank account activity . . .’
‘As Secretary of the Treasury, I . . .’
‘That gives you the power, not the right.’
—adapted from a scene in “Doctor Zhivago”

 

[jsx1043]

An “actual” proposal, but I question its “legitimacy”.

Well said, and I stand properly chastised for my choice of words LOL
(I spend way too much time around teenagers I guess)

I just wanted to make sure people knew that it was a real thing, not a rumor.

I’m with @BigRed, the IRS can go **** off - not just **** off, **** all the way off (FATWO)

 

[Mikey1911]

Well said, and I stand properly chastised for my choice of words LOL
(I spend way too much time around teenagers I guess)

I just wanted to make sure people knew that it was a real thing, not a rumor.

I’m with @BigRed, the IRS can go **** off - not just **** off, **** all the way off (FATWO)

FATWO to the Andromeda Galaxy, or maybe even to the supermassive black hole Sagittarius A*.

 

[cosermann]

Hitting more mainstream outlets now:

Biden's IRS bank account snooping plan faces mounting opposition

Banks are pushing back against a proposal from the Biden administration that could force them to turn over customers' account information to the Internal Revenue Service.

www.foxbusiness.com

 

[BigRed]

My wife just read about Bidens proposal for Community Banks, etc being required to report all transactions over $600 to the IRS. There were links but neither of us click on them just because.

Have not read this whole thread, but I expect this proposal is to lower the threshold for cash transactions requiring reporting by banks (and other financial institutions) from the current 10K to $600.

It is RIPE for even further abuse of "civil forfeiture laws".

If not familiar with "civil forfeiture" laws, and the abuse that comes with them from the irs and law enforcement afencies, it is worth doing some homework and reading.

Institute for Justice fights battles in this arena frequently.

Feds Seize Family Restaurant’s Entire Bank Account - Institute for Justice

Arlington, Va.—In August 2013, the federal government used civil forfeiture to obtain a secret warrant to seize Carole Hinder’s entire bank account—totaling nearly $33,000—even though […]

ij.org

Law enforcement agencies at federal and state levels benefit heavily from civil forfeiture. For them, it is a great tool for taking posession of property and forcing the property owner to prove innocence instead of state having to prove guilt.

It also goes into matters of where the seizes property goes. Here is one of the cases they brought in Indiana.

Indiana Forfeiture - Institute for Justice

ij.org

This latest bull**** from this piece of **** obiden and those of his ilk has far reaching consequences.

obiden, and those of his ilk, can burn in **** for all I care.

 

[printcraft]

 

[Leadeye]

I would be curious how much more computer hardware/software will be purchased from big tech to comply with this new law. Buying laws is very lucrative.

 

[BehindBlueI's]

I would be curious how much more computer hardware/software will be purchased from big tech to comply with this new law. Buying laws is very lucrative.

Probably none. All they have to do is:

1) Determine an account that had $600 in it.

2) Send the equivalent of your bank statements for those accounts to the IRS

This isn't technically complicated and automating it will be cake. The flip side is it's laughable to think the IRS will have the resources to actually use all that data. It's a stupid idea for a stupid reason from a stupid administration. The banks are probably more concerned with people stashing cash vs using their products due to security concerns then actual increase in work load.