An email from my bank

debodun said:
Has anyone heard of this yet?
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Yup, this has been reported on several sources, over the past couple of weeks. Perhaps its an attempt to reduce the number of "tax dodgers", but a figure of $600 seems a bit ridiculous. They need to go after the millionaires that are hoarding billions in off shore banks. All this would do is create yet another "money wasting" government agency".
 
Our Governor here made a mandate that our State will not comply with the dictator in Washington. Our information is private & he's going to make sure it stays that way. I saw on the local news that about 20 other Governors are doing the same thing.
Or better take it all out & put in a tin can & burry in the ground, talked out cash when you need to pay for something.. :D You will get about as much interest.
 
I shredded mine this past week, or I would have copied & pasted it here. I called the bank first to make sure it was legit. They said it was. So anyone in the USA better be very careful. I might just have to put my retirement in a bank of shore or in another country.
 
Bank of America already tracks the cash flow in my checking account. Each month they provide me with worthless statistics about how much comes in compared to how much goes out. Who I pay automatically, etc...

We also have mandatory reporting on cash deposits over $10,000.00.

Reporting $600.00 dollars and above seems foolish in today’s world.

Even if the intentions of the program are good the bad guys will quickly adjust their behavior to the new rules.
 
Aunt Bea said:
Bank of America already tracks the cash flow in my checking account. Each month they provide me with worthless statistics about how much comes in compared to how much goes out. Who I pay automatically, etc...

We also have mandatory reporting on cash deposits over $10,000.00.

Reporting $600.00 dollars and above seems foolish in today’s world.

Even if the intentions of the program are good the bad guys will quickly adjust their behavior to the new rules.
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When hub was big on playing blackjack in Vegas (he plays in poker tournaments now), he used to move from the table, even if he was "hot" if he had made almost $10 grand. He knew the cameras were tracking him for the IRS. Time to change casinos.
 
This has finally made the news on some channels and websites. It is in the many trillion dollar plan that is trying to get approved in DC. Janet Yellen approves and wants this $600.00 limit enacted. Hiring 87,000 new IRS agents to do a "deep dive" into everyone's bank accounts.

Putting money in foreign bank accounts won't help as they have to report your activity to the IRS. Unless, of course you have some super duper way of hiding things with connections the ordinary person does not possess.
 
I read an interesting article on this. It pointed out that the IRS software is so old that there is no way this would would work without a massive upgrade in software and hardware. Plus, the IRS does not have the manpower to handle this.
Liberty, your husband was mistaken, the IRS does not track people in casinos. The casinos report winnings as below:
Casinos and other gaming organizations will send you a W-2G when you win $1,200 or more on a slot machine or from bingo, keno jackpots of $1,500 or more, more than $5,000 in a poker tournament and all other games you win $600 or more at, but only if the payout is at least 300 times your wager
I used to prepare taxes for people in the AARP tax program, and have seen these W-2G's from casinos.
 
Owlivia said:
This has finally made the news on some channels and websites. It is in the many trillion dollar plan that is trying to get approved in DC. Janet Yellen approves and wants this $600.00 limit enacted. Hiring 87,000 new IRS agents to do a "deep dive" into everyone's bank accounts.

Putting money in foreign bank accounts won't help as they have to report your activity to the IRS. Unless, of course you have some super duper way of hiding things with connections the ordinary person does not possess.
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I have a SUPR DUPER way. Go buy some plastic gallon containers. Get out the backhoe, & put all your money in different locations or under trees. Now as you age you will be like young kids at easter hunting easter eggs but it will be $$ 🤣🤣
 
Gaer said:
Haven't been watching the news lately but a friend of mine called me and was terribly upset that the Government is now intruding on our bank accounts.
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The government has been intruding on our bank accounts for a long time! If you move more than $9,999 it has to be reported to them. If you don't take enough money out of your traditional IRA, they penalize you for it. In fact, they tell you when you have to start taking that money out. They say you can't leave cash in your safety deposit box. That being said...it's seems like if they are going to try to keep up with everybody's money movement of a mere $601, it will be a waste of time and manpower.
 


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