Posted on Oct 8, 2021
Build Biden Bigger: Your Bank Will Show IRS Your Account Balance to Catch Tax Cheats
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IRS Commissioner Charles Rettig and Treasury Security Janet Yellen push Congress to force your bank to tell the IRS how much money you have on deposit — even as little as $600. Is this a smart way to catch tax cheats so President Biden can get the trillions of dollars he needs to Build Back Better? (Remember, his $3.5 trillion plan costs 'zero dollars'.) Scott Ott has a word for this.
IRS
Joe Biden
Posted 3 y ago
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This is so much overreach. When the bank secrecy act was passed in 1970 (to catch money launderers), $10,000 was a considerable amount of money. It isn't now. It's monthly income for the lower end of the upper middle class. The cap should have increased with inflation. It hasn't. To lower this to $600 is downright stupid. This isn't even rent in 99% of the country. Hell, it's a car payment for a lot of people. This is smoke an mirrors. It's a chance for the overbearing a-holes in DC to say "See, we are trying to catch tax dodgers."
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SSgt (Join to see)
Spot on. It's been an IRS law for a very long time that if you are paid $600 or more to your business the payer is supposed to provide a 1099-R. That is for the whole year! Anyone that runs their own business is very familiar with this.
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SSgt (Join to see)
Correction: 1099, not the 1099-R.
Form 1099 is used to report certain types of non-employment income to the IRS, such as dividends from a stock or pay you received as an independent contractor. Businesses must issue 1099s to any payee (other than a corporation) who receives at least $600 during the year.
Form 1099 is used to report certain types of non-employment income to the IRS, such as dividends from a stock or pay you received as an independent contractor. Businesses must issue 1099s to any payee (other than a corporation) who receives at least $600 during the year.
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