The routing # only directs funds to a specific bank. Account # direct funds to a specific personal account at that bank.Not for dd. I don't even know my acct number. Haven't used it in 10 years.
Are you being serious? The government, our government can get any information about anyone they want and to what depth they want that info to go.Yes, for dd. I can't imagine how they didn't ask for yours.
Are you being serious? The government, our government can get any information about anyone they want and to what depth they want that info to go.
I know that. I didn't give my account number that I remember. Just my name. I may be mistaken, but I haven't used my acct # for years. I couldn't tell you what it is, and I don't have checks to look it up. But it was a long time ago so you may be right.The routing # only directs funds to a specific bank. Account # direct funds to a specific personal account at that bank.
Routing Number vs. Account Number: What's the Difference?
Each bank customer has an account number and a routing number. Learn more about how they are used to track funds and where to find them on a check.www.investopedia.com
My real estate tax is 6K per year. I have 5 different accounts that all transact more than $600.00/month. And I'm just a tiny small business owner. The IRS would need to hire 100,000 more people to keep up with all that. And even if they did it, my stuff is all above board. I pay my taxes, unfortunately.- imo, pretty stupid limit of $600.
My retirement is more than $600 / month.
The property tax I just paid is over $600.
I would want more info on what exactly the proposal entails.
Except this is the IRS, not the FBI. And it's fake news. You wasted your ire.Leftists DO love their Gestapos and their KGBs. Its always a good thing....til you realize you have empowered them to do the same to you. Of course by then its too late.
The IRS is as formidable as the FBI as a political weapon and this is NOT 'fake news'...its an absolute fact the the current administration is pushing to exercise growing control over everyone's banking information.Except this is the IRS, not the FBI. And it's fake news. You wasted your ire.
ever heard of the Patriot Act. Not the left......The IRS is as formidable as the FBI as a political weapon and this is NOT 'fake news'...its an absolute fact the the current administration is pushing to exercise growing control over everyone's banking information.
And tragically....just as the shitheads in the left celebrated the corruption in the FBI as they attacked Trump, they will also cheer on the current administration's march to totalitarianism.
Do you want the gov to have access to your bank accts where every transaction over $600 is reported by the bank and scrutinized by the IRS? Well, that's a little hidden provision in Biden's $3.5 trillion spending bill.
Opinion | The IRS Wants to Look at Your Bank Account
Its quest for missing revenue would threaten taxpayer privacy.www.wsj.com
-- Treasury and congressional Democrats hope taxpayers will report income more accurately if they know the feds have their account information.
Yet the IRS plans to review every account above a $600 balance, or with more than $600 of transactions in a year. So every American with a job could get looked over. A group of 41 industry groups recently warned congressional leaders that the plan “is not remotely targeted” to detect major tax avoidance.
It’s also a privacy breach waiting to happen.
I was as critical of the Patriot Act as I am of this bullshit. But dont pretend 'the left' didnt author large parts of the Patriot Act and vote for it. (Passed the House 357-66 and the Senate 98-1) Dont pretend the Obama/Biden admnistrtion didnt spend 8 years using it. And just pointing your fingers at others makes for a lousy ****ing argument when you are defending anything you support.ever heard of the Patriot Act. Not the left......
I see you have anger to spare.The IRS is as formidable as the FBI as a political weapon and this is NOT 'fake news'...its an absolute fact the the current administration is pushing to exercise growing control over everyone's banking information.
And tragically....just as the shitheads in the left celebrated the corruption in the FBI as they attacked Trump, they will also cheer on the current administration's march to totalitarianism.
I see you have anger to spare.
The OP is fake news. Someone posted a link.
Do you feel better?Yes, a proposed Biden administration plan would give the IRS access to more information about your bank accounts
THE ANSWER
Yes, the Biden administration plan would require banks to tell the IRS the total annual amount of money deposited into and withdrawn from your bank account if those funds total at least $600. But claims that the proposal would require financial institutions to constantly monitor customer accounts and report ALL bank account information to the IRS are overstated and inaccurate.
WHAT WE FOUND
Earlier this year, President Biden announced his intentions to seek tax reforms. We got a closer look at those reforms when IRS Commissioner Charles Rettig testified before the Senate Finance Committee in June.
His testimony includes a proposed requirement that financial institutions report data to the IRS on all bank accounts that have total deposits and withdrawals of at least $600. According to Rettig’s testimony submitted to the committee:
Financial institutions would report data on financial accounts in an information return. The annual return will report gross inflows and outflows with a breakdown for physical cash, transactions with a foreign account, and transfers to and from another account with the same owner. This requirement would apply to all business and personal accounts from financial institutions, including bank, loan, and investment accounts, with the exception of accounts below a low de minimis gross flow threshold of $600 or fair market value of $600.
No...its not fake news. Its a fact that the Biden administration is trying to weasel its way into everyones bank accounts. They are counting on 'people' like you to let them. Tragically...you will.
Its cute you think that is an effective or relevant debate tactic. Its a piss poor rebutal to the facts...but...at least you 'tried'.Do you feel better?
Debate? Is that what you're doing?Its cute you think that is an effective or relevant debate tactic. Its a piss poor rebutal to the facts...but...at least you 'tried'.
Do you consider MSN a right wing media outlet?Debate? Is that what you're doing?
It's fake news. No $600 limit. You've been conned.
I would say that from both sides of the isle, there have been many plans to do stuff. This one sounds destined to fail. I wouldn't worry about it too much.Yes, a proposed Biden administration plan would give the IRS access to more information about your bank accounts
THE ANSWER
Yes, the Biden administration plan would require banks to tell the IRS the total annual amount of money deposited into and withdrawn from your bank account if those funds total at least $600. But claims that the proposal would require financial institutions to constantly monitor customer accounts and report ALL bank account information to the IRS are overstated and inaccurate.
WHAT WE FOUND
Earlier this year, President Biden announced his intentions to seek tax reforms. We got a closer look at those reforms when IRS Commissioner Charles Rettig testified before the Senate Finance Committee in June.
His testimony includes a proposed requirement that financial institutions report data to the IRS on all bank accounts that have total deposits and withdrawals of at least $600. According to Rettig’s testimony submitted to the committee:
Financial institutions would report data on financial accounts in an information return. The annual return will report gross inflows and outflows with a breakdown for physical cash, transactions with a foreign account, and transfers to and from another account with the same owner. This requirement would apply to all business and personal accounts from financial institutions, including bank, loan, and investment accounts, with the exception of accounts below a low de minimis gross flow threshold of $600 or fair market value of $600.
No...its not fake news. Its a fact that the Biden administration is trying to weasel its way into everyones bank accounts. They are counting on 'people' like you to let them. Tragically...you will.
How detail do you need to decide if you want government nosying around in your business?- imo, pretty stupid limit of $600.
My retirement is more than $600 / month.
The property tax I just paid is over $600.
I would want more info on what exactly the proposal entails.
Since you're okay with the concept I hope you enjoy your own shit being monitored.what a bunch of chicken little BS opinion piece crap.
How detail do you need to decide if you want government nosying around in your business?
Don't let reality get in the way of RW scare tactics....Enough detail so a certain class of people can't dodge paying the proper amount of federal taxes.
It is a proposal being discussed in Congress. imo, I doubt Congress will pass the idea. Proposal is banks would report totals not details of transactions.
Fact check: Claim about the IRS monitoring bank accounts over $600 exaggerates reality
The claim’s assertion is a proposal by the Biden administration, not a decision set in stone.www.usatoday.com
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