Exactly what I was thinking. Going to the Post Office around here is a complete PITA.
Our closest P.O. is a subcontractor to USPS and isn't open on weekends. So, if you must visit the main office on Saturday, plan on a day trip. Didn't know USPS had such a thing till I moved to MS. Must be a Mississippi thing...........................
I read it as any account you have with a balance of $600 or more in it, the bank must report any deposits or withdraws from that account no matter the amount.
This would include almost anyone who has a bank account. If they have an income and they have bills to pay. This would also result in major expenses for the banks to comply with reporting every transaction of every customer that has/had more than $600 in their account. And who pays for that extra expense? You and I in the form of bank service charges.
I currently enjoy a service-charge-free banking experience. I do not pay fees for any withdrawal other than if I use my bank ATM card at another facility. I use their billpay app to pay all my bills. Some are electronic payments and some are physical checks sent by the bank. No charge. The only thing I pay for is to have checks printed, and those charges are outrageous.
This would include almost anyone who has a bank account. If they have an income and they have bills to pay. This would also result in major expenses for the banks to comply with reporting every transaction of every customer that has/had more than $600 in their account. And who pays for that extra expense? You and I in the form of bank service charges.
I currently enjoy a service-charge-free banking experience. I do not pay fees for any withdrawal other than if I use my bank ATM card at another facility. I use their billpay app to pay all my bills. Some are electronic payments and some are physical checks sent by the bank. No charge. The only thing I pay for is to have checks printed, and those charges are outrageous.
We have a similar banking experience but in our case, we do virtually all of our bill paying electronically. My bank picks up any service charges for using another banks ATM. The down side is, they don't pay squat in interest for our larger accounts. Therefore, I have no issues about using the closest ATM to where I am. There is a maximum number of times per month we can use those other ATMs but, we've never come close to that number. I'm not concerned about the IRS seeing what I do as far as me trying to hide anything, I simply don't think it's any of their business. I can see my mattress getting fatter if, Congress decides they need to know all of my personal business.
Rams, my card is strictly an ATM card that is supposed to only able to be used at my Regions Bank and its branches. No MC or Discover or any other logo on it. It's no fee if I do so. I found out by accident that I can use it at OZK, but there's a $3 fee on each end. Sometimes it's worth it if I'm going in the opposite direction of my closest bank. Other than that, I pay no fees.
I also have a Credit Union account that charges no fees for either debit card or checks. The beauty of a credit union account is that you can use the ATM of any credit union nationwide without service fees. But like my bank, buying checks is rather expensive. I mostly use that for gas, eating and event expenses and I have money transferred to it monthly to pay part of my granddaughter's private school tuition. I could keep an IRS agent well employed because I move money around between the 3 sub accounts at the credit union.
Rams, my card is strictly an ATM card that is supposed to only able to be used at my Regions Bank and its branches. No MC or Discover or any other logo on it. It's no fee if I do so. I found out by accident that I can use it at OZK, but there's a $3 fee on each end. Sometimes it's worth it if I'm going in the opposite direction of my closest bank. Other than that, I pay no fees.
I also have a Credit Union account that charges no fees for either debit card or checks. The beauty of a credit union account is that you can use the ATM of any credit union nationwide without service fees. But like my bank, buying checks is rather expensive. I mostly use that for gas, eating and event expenses and I have money transferred to it monthly to pay part of my granddaughter's private school tuition. I could keep an IRS agent well employed because I move money around between the 3 sub accounts at the credit union.
We're similar in our banking experiences with the exception that my checks are free. We don't write very many checks, a pad will last us a couple of years. I do enjoy going to any ATM I wish to get cash. What I don't like is, they all limit me to $300 to $400. With inflation and pricing the way it is, that doesn't buy much at the automotive stores or at Lowe's. I actually prefer to deal in cash regardless of the purchase.
Rams
[This message has been edited by blackrams (edited 10-07-2021).]
The IRS proposal must be aimed after people like me. We have an adult son living in our home and we are not charging any rent for him to do so. He is required to invest his money instead. He does contribute to and reimburse for the food bills every few months paying over the $600.00 at a time. Because of his low credit card limit, he also makes large purchases and car insurance payments using our credit card. He then reimburses us for those charges.
I could see the IRS coming after us for non-reported rental income more easier. It has always been something we have been mindful of when doing our taxes and we would have a paper trail to support our position. However, the new proposal lowers the threshold and may require us to prove our innocence.
The IRS proposal must be aimed after people like me. We have an adult son living in our home and we are not charging any rent for him to do so. He is required to invest his money instead. He does contribute to and reimburse for the food bills every few months paying over the $600.00 at a time. Because of his low credit card limit, he also makes large purchases and car insurance payments using our credit card. He then reimburses us for those charges.
I could see the IRS coming after us for non-reported rental income more easier. It has always been something we have been mindful of when doing our taxes and we would have a paper trail to support our position. However, the new proposal lowers the threshold and may require us to prove our innocence.
Get a prepaid card and he can put money on it a little at a time then as it builds up us it to pay the bills. Then its on him and not you. That also brings up a good point, what about prepaid cards and bit coin?
House Speaker Nancy Pelosi (D-Calif.) told reporters yesterday that Democrats plan to include a controversial tax reporting provision in their budget reconciliation package that would require banks to report information to the Internal Revenue Service on gross inflows and outflows on customer accounts above a certain de minimis threshold.
Pelosi did not specify what the threshold would be, though Democrats have eyed a $10,000 threshold in recent days, up from the $600 threshold originally proposed by the Biden administration. Despite the Pelosi’s remarks, House Democrats have not yet agreed on the details of a final reconciliation package, and no vote has been scheduled at this time. Any final version will have to also clear the U.S. Senate, where some Democrats are pushing for a smaller package.
The American Bankers Association (ABA) has aggressively opposed the tax reporting proposal at any dollar threshold, calling it “bad tax policy” and urging lawmakers to reject it from any future legislation. In a recent letter to lawmakers, ABA and other banking trade groups noted that “the impact on average Americans and the safety and privacy of their financial information would not be mitigated by raising the reporting threshold to $10,000 or even $100,000. . . . In the end, whether it is average workers or self-employed citizens virtually all Americans will be subject to this new reporting.”
We urge you to contact your representatives to let them know youfirmly oppose this proposal by clicking the button below to email them directly.
TAKE ACTION NOW!
Robert J. Barnes President & CEO PriorityOne Bank
Obviously, this is all about paying for that $3.5 socialization bill. It's the old Robin Hood story except it's not just the rich, they want your money too. So, I guess in their minds, we're all rich and they want to give away our money to garner the gratitude of the downtrodden. Yeah, that's the ticket.
Rams
[This message has been edited by blackrams (edited 10-14-2021).]
"The New York Times is our best newspaper--and unfortunately, the New York Times has done a terrible job . . ." ~MSNBC "Last Word" anchor Lawrence O'Donnell
quote
Wally Adeyemo, Deputy Treasury Secretary, explains to Lawrence O'Donnell what President Biden's tax enforcement plan does to "find the money that the wealthy aren't paying." Secretary Adeyemo also explains that Biden's plan does not require reporting on individual bank transactions nor audits for those earning less than $400,000.
