IRS wants your bank acct info

[SoCal]

There's only so many ignorant and misleading threads on the same subject they can't be all addressed. Just say the lie often enough and they will believe...

 

[Overitall]

Not for dd. I don't even know my acct number. Haven't used it in 10 years.

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

 

[bongsaway]

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.

 

[Demon]

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.

What I meant was, I'm sure that when I filled out the information for direct deposit, I'm sure there was a place there to enter your acct number as well as the routing number, and I'm surprised that he didn't have to provide that.

 

[Michael Cole]

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

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 AntiDonald]

- 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.

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 It'll never happen.

 

[VanceMack]

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.

 

[Michael Cole]

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.

Except this is the IRS, not the FBI. And it's fake news. You wasted your ire.

 

[VanceMack]

Except this is the IRS, not the FBI. And it's fake news. You wasted your ire.

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.

 

[SCrider]

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.

ever heard of the Patriot Act. Not the left......

 

[Hamish Howl]

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.

The great part about this is they're going to have to look at every single mortgage payment, rent payment, and most car payments every month.

They will get nothing else done.

 

[VanceMack]

ever heard of the Patriot Act. Not the left......

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.

 

[Michael Cole]

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.

 

[VanceMack]

I see you have anger to spare.

The OP is fake news. Someone posted a link.

Yes, a proposed Biden administration plan would give the IRS access to more information about your bank accounts​

Yes, a proposed Biden administration plan would give the IRS access to more information about your bank accounts

www.msn.com

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.

 

[Michael Cole]

Yes, a proposed Biden administration plan would give the IRS access to more information about your bank accounts​

Yes, a proposed Biden administration plan would give the IRS access to more information about your bank accounts

www.msn.com

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.

Do you feel better?

 

[VanceMack]

Do you feel better?

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'.

 

[Michael Cole]

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'.

Debate? Is that what you're doing?

It's fake news. No $600 limit. You've been conned.

 

[VanceMack]

Debate? Is that what you're doing?

It's fake news. No $600 limit. You've been conned.

Do you consider MSN a right wing media outlet?

 

[The AntiDonald]

Yes, a proposed Biden administration plan would give the IRS access to more information about your bank accounts​

Yes, a proposed Biden administration plan would give the IRS access to more information about your bank accounts

www.msn.com

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.

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.

 

[Torus34]

A tempest in a teacup, this. Those who do their own federal taxes using the full 1040 format are aware of the reporting of interest income on Schedule B. Both the interest amount and the source [bank, etc.,] are required. It doesn't take much computation to derive the size of the deposits from those data.

Regards, stay safe 'n well 'n remember the Big 5.

 

[American]

- 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.

How detail do you need to decide if you want government nosying around in your business?

 

[American]

what a bunch of chicken little BS opinion piece crap.

Since you're okay with the concept I hope you enjoy your own shit being monitored.

 

[eohrnberger]

The proposal seems to fly directly in the face of the Constitution.

​

​

Amendment IV​

The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no warrants shall issue, but upon probable cause, supported by oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized.​

Fourth Amendment

www.law.cornell.edu

​

The federal government demanding an inventory of pretty much every bank account in the nation would appear to be an unreasonable search and seizure.

 

[mike2810]

How detail do you need to decide if you want government nosying around in your business?

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

 

[SCrider]

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

Don't let reality get in the way of RW scare tactics....