Got my first Letter from one of my banks

[purkey]

to contact my congressperson to stop this biden tax reporting law in the American Families Plan (what a lame ass name) that congress is about to vote on. Going to require banks to report inflows and outflows of cash on amounts over $600. It says that it's on accounts over $600 but my understanding is every time there is something going in your account or out of your account over $600 it gets reported to the irs. Hopefully this gets squashed but it wouldn't surprise me if it passed. Their reach is getting longer and longer. I didn't like it when it was cash in the account at $10,000 or more that got reported. Not sure what it is now, may be still $10,000. It's a different type law but still it's reported to the IRS. I think mainly for druggies.

 

[On Tulsa Time]

to contact my congressperson to stop this biden tax reporting law in the American Families Plan (what a lame ass name) that congress is about to vote on. Going to require banks to report inflows and outflows of cash on amounts over $600. It says that it's on accounts over $600 but my understanding is every time there is something going in your account or out of your account over $600 it gets reported to the irs. Hopefully this gets squashed but it wouldn't surprise me if it passed. Their reach is getting longer and longer. I didn't like it when it was cash in the account at $10,000 or more that got reported. Not sure what it is now, may be still $10,000. It's a different type law but still it's reported to the IRS. I think mainly for druggies.

CTRs are still 10k, I can tell you as a banker we are not impressed with this.

 

[Scottsdale.Sooner]

Chase tells me it's $7000 now and you can thank that half cast bastard from Kenya that occupied the WH. He put this shit in motion going after US citizens with foreign bank accounts. Americans, to my knowledge, are the only citizens to pay income tax on 100% foreign earned income. You can earn a million dollars outside the USA and never step into the USA and still pay your taxes as if you earned it in Hominy, Oklahoma.

 

[On Tulsa Time]

It's $7000 now and you can thank that half cast bastard from Kenya that occupied the WH. He put this shit in motion going after US citizens with foreign bank accounts.

MILs are 3k-10k, over 10 is a CTR.

 

[purkey]

CTRs are still 10k, I can tell you as a banker we are not impressed with this.

it's got to be a pain in the a$$ to keep up with, and it's such a meaningless amount. Just adds to the burdens already in place. What's a MIL?

 

[On Tulsa Time]

it's got to be a pain in the a$$ to keep up with, and it's such a meaningless amount. Just adds to the burdens already in place.

You have no idea.

 

[squeak]

They could be a lot more effective at finding tax abuse by auditing self-employed individuals.

 

[On Tulsa Time]

They could be a lot more effective at finding tax abuse by auditing self-employed individuals.

PPP was an eye opening experience.

 

[Ponca Dan]

They could be a lot more effective at finding tax abuse by auditing self-employed individuals.

Leave us self-employed people alone!

 

[squeak]

Leave us self-employed people alone!

Lol…My wife is self-employed…for about 30 self-employed individuals.

 

[aix_xpert]

Chase tells me it's $7000 now and you can thank that half cast bastard from Kenya that occupied the WH. He put this shit in motion going after US citizens with foreign bank accounts. Americans, to my knowledge, are the only citizens to pay income tax on 100% foreign earned income. You can earn a million dollars outside the USA and never step into the USA and still pay your taxes as if you earned it in Hominy, Oklahoma.

I don't know the current law, but I know when my parents lived in K.S.A. in the 90's, ex-pats were exempted from taxes on the first $75K in foreign earnings, but were obligated on the rest.

 

[iasooner2000]

Rest assured Scottsdale knows; did fatass sc@davie show up as promised in Bricktown ? (I thought not)

 

[long-duc-dong]

They could be a lot more effective at finding tax abuse by auditing self-employed individuals.

Hey! Stfu!

 

[purkey]

Please, don’t give them any ideas.