Good. I want the price of gas to skyrocket. Then maybe, we’ll come up with real mass transit that is earth friendlier and only people with money can afford to drive cars, like me… so no more traffic! Woohoo!
Cause that’s how the high value rich folks are cheating… they’re not targeting those that make less, they’re targeting likely loop holes the rich are doing to evade taxes.
But it’s still moot, you’re suppose to pay taxes on your income whether it’s a dollar or 5 billion dollars… Just report your income accurately via the tax laws and you should have nothing to worry about.
I don’t think that’s what has people upset. I think it’s the further erosion of your personal freedom and privacy that is of greatest concern here.
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True but one could argue that it’s a false sense of privacy already since they already have laws that require banks to disclose any single transactions over 10k and the fact that all they have to do is start an audit and then they’ll know every damn detail down to the penny for the past 7 years.
These laws are just adding to the monitoring to catch those with spread out bank accounts, doing small transactions to avoid paying taxes on income. Most poor people don’t have multiple bank accounts to spread out their money deposits… at least I wouldn’t imagine they do. Heck, most poor people take their checks to the check cashing locations to cash out and don’t bother paying for a bank or checking account.
How very elitist and authoritarian.
If the public has to rely on public transportation that means they are reliant upon the government to tell them when / where they can travel.
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The IRS may also look at suspected “structured” deposits that were made to evade the $10,000-or-above reporting requirements. For example, if you’re consistently depositing $9,800 for two weeks to evade the IRS. In this case, the bank will file a Suspicious Activity Report with the FinCEN. They can also file voluntarily file reports for suspicious deposits that are less than $10,000.
So they’re already sort of watching people who are avoiding paying taxes… all this law seems to be doing now is checking gross balances instead of single transactions. Not the IRS watching but the banks are watching to cover their own arses! 
I’m all for mass transit and wish my city actually had it, it’s a joke here in Austin… I guess you didn’t sense my sarcasm in my reply.
this, when they know anything over 10k is reported to the feds, they will do transfers of 9900 to get around it
See above…
I once jokingly asked a contractor to pay me an invoice via individual $1 amounts… like it was $3,000 so I was like, just pay me $1 x 3,000 times… he immediately said, no way, the bank would flag that as suspicious and cause me headaches in coming to me to ask questions on why I would do such a thing. I didn’t ask but sounds like he dealt with something like before.
I did! I saw the winky face! I implied sarcasm as well but did not convey it adequately. My apologies!
Gotta add the winkies man…
When I was a fulltime freelance marketing person I used to have clients from all over the word hiring me to write English articles for them when they launched businesses in English territories. The times some smaller start up would ask to pay it over X installments of some random amount purely because of taxes and foreign contractor taxes for them was entertaining.
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I find it funny that I created this post in March of this year and have since started an LLC and gotten ready for tax season. Meanwhile, this news is barely hitting the mainstream media and people are freaking out, lol. Ya’ll are 6 months late 
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I should maybe become an LLC. I guess I need to look for a tax person to help me do so?
You can do LLC without a tax person per se… get with a tax person after you create the LLC in determining best way to handle taxes moving forward.
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I really need a walkthrough for all this maybe…
The banks don’t want to do this to people, and they are actively lobbying against it right now. The discussion about privacy is that it violates the 4th amendment because it is an unreasonable search without probable cause. However, the real concern here is that the banks will become closer to being an extension of the government by monitoring people’s transactions and reporting them in near real-time. The banks already act as watchdogs through the Bank Secrecy Act.
Politics aside, $600 was crazy talk. Now, back to comics for me lol.
They already are practically… read my other comments… They’re basically already watching transactions through that act.
Honestly, it’s like actually believing that Google, Apple and Amazon aren’t recording and listening to everything through their “smart” devices… because they are.
You have no privacy when it comes to income since every year you’re reporting it on your tax returns (well, you’re suppose to be reporting it all).