The IRS wants all bank accounts over $600 to be reported ??

nitrene · Oct 5, 2021

Wow what a surprise another ET thread descends into a pissing contest.
Only this time it started on page 1. It usually takes 3 or 4 pages for that to happen.

murray t turtle · Oct 5, 2021

brass_trader said:
Here is an example and please read this carefully.
Currently the IRS has no idea what you buy or what your bank activity is. Of course they can easily delve into that anytime and we all understand that, but they wont unless there is a reason so you are essentially annonomous with reagrds to your bank account. If passed, you are no longer annonomous in that regard and all of you banking activity- purchases, deposits, withdrawls, wires, venmo, is now going directly to the IRS. We do not want the IRS knowing what we buy, where we buy, and why we are sending money to our children for college expenses. Its a total invasion of privacy. Like I said, the fact that you innocently Venmo your children can initiate a computerized red flag which can in turn cause a stressful and unnecessary audit.
Lastly, we all know about the IRS annonomously leaking financial info for political reasons. Now they have more information to leak. Its a horrible idea guys.
More...

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Good points.
REALLY sounds like a bad law, who wants to waste time inspecting a $600 account\everybody with a bank account .LOL?? .Besides/ the ABA is against it + the IRS symbol= is an eagle with balanced scales.......................................................................................

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The IRS wants all bank accounts over $600 to be reported ??

nitrene

murray t turtle